HomeCryptocurrencyFinance Ministry Focuses on Bringing all Business Establishments Under GST Net

Finance Ministry Focuses on Bringing all Business Establishments Under GST Net

Finance Minister Nirmala Sitharaman emphasised the Finance Ministry’s commitment to not only boost GST revenue but also ensure the inclusion of all business establishments within its ambit. Speaking at the inauguration of 12 GST Suvidha Kendras in Gujarat, Sitharaman highlighted the significance of seamless GST registration and issue resolution for businesses.

GST, with its ‘one nation, one tax’ approach, has witnessed increasing revenue, offering reduced tax rates on various items. Sitharaman acknowledged the positive impact on preventing double taxation, but noted that some establishments still choose to stay outside the GST framework, hindering formalisation of the economy.

Sitharaman urged businesses to embrace GST not just for tax purposes but for contributing to the true strength of the economy. Staying outside the formal economy is detrimental to both the country and individuals, as it hampers potential growth and access to buyers.

The Finance Minister stressed the need for equal attention to tax collection and expanding GST coverage. Encouraging more establishments to be part of the transparent tax regime is crucial for the overall benefit of the country.

During the event, five individuals were awarded ₹ 10 lakh each for uploading their paid GST bills on the government portal. Sitharaman commended their contribution and emphasised the importance of every consumer participating in the country’s development.

Highlighting the success of GST revenue collection, October 2023 witnessed the second-highest collection ever, following April 2023, reaching ₹ 1.72 lakh crore. The Finance Minister, along with Gujarat Finance Minister Kanu Desai, underscored the collaborative effort to establish GST Suvidha Kendras in 12 cities across Gujarat.

As the Finance Ministry remains dedicated to enhancing GST inclusivity, the nation anticipates continued growth and transparency in the tax system.

Monika Shanmugam