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Reading: FM Nirmala Sitharaman states that GST reduced taxes on numerous essential items compared to pre-GST rates.
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Gulf Press > Business > FM Nirmala Sitharaman states that GST reduced taxes on numerous essential items compared to pre-GST rates.
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FM Nirmala Sitharaman states that GST reduced taxes on numerous essential items compared to pre-GST rates.

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Last updated: 2024/05/07 at 4:12 AM
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Union Finance Minister Nirmala Sitharaman recently took to social media to highlight the positive impact of GST on essential items. She mentioned that GST has lowered taxes on many essential items, such as hair oil and soaps, reducing the tax rate from 28 per cent to 18 per cent. Sitharaman also mentioned two recent achievements in the GST architecture – the crossing of Rs 2 lakh crore in GST collection and the appointment of the President of the GST Appellate Tribunal (GSTAT) as significant milestones.

Sitharaman credited former PM Atal Bihari Vajpayee for initiating the idea of GST, and PM Narendra Modi for its successful implementation. She pointed out that before GST, India’s indirect tax system was fragmented and complicated, with different tax rates across states. The implementation of GST streamlined 17 taxes and 13 cesses into a 5-tier structure, simplifying the tax regime and reducing the tax burden on the common people.

The Union Minister highlighted the positive outcomes of GST, including enhanced MSME financing, reduced logistics costs through the E-way bill system, and increased interstate trade. She also emphasized the pro-poor approach of GST, with consistently falling effective weighted average GST rates since 2017. Additionally, Sitharaman stressed the importance of cooperative federalism in GST, empowering states through the decision-making process of the GST council.

Sitharaman debunked the myth that all GST collections are pocketed by the Centre, noting that states receive 100% of SGST collected in that state and approximately 50% of IGST on inter-state trade. A significant portion of CGST, around 42 per cent, is devolved to the states based on the recommendations of the Finance Commission. She mentioned that without GST, states’ revenue from subsumed taxes would have been significantly lower compared to the actual revenue collected through GST.

Despite the challenges posed by the COVID-19 pandemic, Sitharaman highlighted that GST collections have now reached levels similar to pre-GST levels, demonstrating the success of the tax administration in collecting revenue without increasing the burden on taxpayers. She concluded the post by emphasizing that GST is an expression of the Modi government’s commitment to ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayaas’, and that efforts are continuously being made to improve taxpayer services and increase efficiencies instead of increasing taxes.

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News Room May 7, 2024
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