Finance Minister Nirmala Sitharam has commended the taxmen for the measures of implementation while dealing with GST fraud. On Thursday, she stated that enhancing the GST revenue collections should now be considered the ‘new normal’.
On the occasion of the fourth anniversary of the tax reform GST, she sent a message to tax officers saying that the base of a taxpayer has almost doubled in the past four years from 66.25 lakh to 1.28 crore which is a huge improvement.
Moreover, she also stated how the tax revenues have crossed an amount of Rs 1 lakh crore for the past eight months straight. She also mentioned having witnessed a record GST collection of revenue of around Rs 1.41 lakh crore as of April 2021.
Sitharam said “Commendable work has been done in the year gone by both in the area of facilitation and enforcement with numerous cases of fraudulent dealers and ITC being registered. The enhancement of the GST revenue collections should now be considered as the ‘new normal’.”
Amidst these tough times when India was battling two waves of the COVID-19 pandemic, the finance minister has expressed satisfaction with the achievement of most implementation challenges of the GST. She also made sure to thank the taxpayers and appreciate them for the support they have shown in turning GST into a reality.
While commending both the state and central tax officers for making the goods and services tax successful, Sitharam said “Its positive externalities such as unified market, removal of cascading and imp[roved competitiveness of goods and services has helped spur economic growth taking us further on the path to prosperity.”
The Central Board of Indirect Taxes and Customs (CNIB) has decided to reward the GST payers that sum up to 54,439 with appreciation certificates. This is being done due to their punctuality in filing the cash payment and that of returns of GST in the past four years. The majority of taxpayers are from minor, small, and medium businesses.
The businesses that are exempt from GST are the ones with an annual turnover of around Rs 40 lakh. Moreover, the businesses that make an income of around Rs 1.5 crore can completely opt from the Composition Scheme and make the payment of just 1 percent of the tax.