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In a pivotal moment during the presentation of the Interim Budget 2024-25, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman underscored the transformative effects of the Goods and Services Tax (GST) on India’s indirect tax regime. Sitharaman asserted that the unification of the highly fragmented tax structure through GST has substantially reduced the compliance burden on trade and industry.
Highlighting the positive reception of GST, the Finance Minister referred to a recent survey conducted by a leading consulting firm, revealing that 94% of industry leaders view the transition to GST as largely positive. Furthermore, 80% of the respondents acknowledged that GST has led to supply chain optimization, a crucial aspect in the efficient functioning of trade and industry.
Smt. Sitharaman revealed encouraging statistics about the expansion of the GST tax base. According to her, the tax base of GST more than doubled, and the average monthly gross GST collection has nearly doubled, reaching ₹1.66 lakh crore this year. These figures reflect the efficacy of GST in boosting government revenues.
Discussing the impact on states, the Finance Minister noted the remarkable achievement of States’ SGST revenue, including compensation released to states, with a buoyancy of 1.22 in the post-GST period from 2017-18 to 2022-23. In contrast, the tax buoyancy of State revenues from subsumed taxes in the pre-GST four-year period of 2012-13 to 2015-16 was a mere 0.72. This substantial improvement in revenue generation highlights the success of GST in empowering states economically.
Smt. Sitharaman emphasized that the primary beneficiaries of these reforms are the consumers. The reduction in logistics costs and taxes has resulted in a notable decrease in the prices of most goods and services, positively impacting the end consumer.
Quoting the National Time Release Studies, the Finance Minister shed light on the strides taken in Customs to facilitate international trade. The steps taken have led to a significant decline in the import release time, reducing it by 47% to 71 hours at Inland Container Depots, by 28% to 44 hours at air cargo complexes, and by 27% to 85 hours at seaports over the last four years since 2019. These measures signify the government’s commitment to streamlining customs processes and promoting international trade efficiency.
In summary, the Finance Minister’s presentation underscores the success of GST in simplifying the tax structure, boosting revenues, and enhancing the efficiency of trade and industry, thereby contributing to the economic growth of the nation.
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