Introduced seven years ago, the Goods and Services Tax (GST) has simplified compliance, improved tax buoyancy and increased states’ revenues, but fake invoices and fraudulent registration remain a big challenge for policymakers trying to curb tax evasion.
Rolled out on July 1, 2017, Goods and Services Tax (GST) streamlined 17 taxes and 13 cesses into a 5-tier structure, simplifying the tax regime.
The turnover threshold for registration rose to Rs 40 lakh for goods and Rs 20 lakh for services (up from Rs 5 lakh on average under VAT). GST also reduced 495 different submissions (challan, forms, declarations, etc) across states to just 12.
In seven years, the number of registered taxpayers has risen to 1.46 crore from 65 lakh in 2017. Average monthly GST revenues, soared from around Rs 90,000 crore in 2017-18, to about Rs 1.90 lakh crore in 2024-25.
Denne historien er fra New Delhi 01July2024-utgaven av Millennium Post Delhi.
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Denne historien er fra New Delhi 01July2024-utgaven av Millennium Post Delhi.
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DANCING IN VENERATION FOR THE MOTHER GODDESS
A panel discussion titled 'Happiness through the Arts' took place, a collaboration with the 'Sangeet Foundation' and Jayanta Ray
'Pushpa 2' trailer launch breaks records with highest number of live viewers in Indian cinema
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Nayanthara opens up about past relationships
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Sidhant Gupta plays Jawaharlal Nehru in the web series currently streaming on 'SonyLIV'
Jimmy inspired Avinash to take up acting
Tiwary once admired Sheirgill as a role model during his formative days
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Ranveer reveals the secret behind his pulsating energy
He recently starred in 'Singham Again'
Virat Kohli will have his moments, hopefully not too many: Travis Head
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Australia clean sweep Pakistan in T20 series
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Shami named in Bengal T20 squad for Syed Mushtaq Ali Trophy
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