The central government said on Saturday that to make one year of unprecedented improvement in the Indian tax system to be memorable, one day GST will be celebrated on July 1. With the launch of the Goods and Services Tax (GST) on midnight of 30th June 2017 during a program in the central chamber of the Parliament, a new indirect tax system was introduced in the country from July 1, 2017.
In a statement on Saturday, the Finance Ministry said in the statement that the first year had been remarkable for both its implementation challenges and policymakers and the curiosity and efficiency of the tax administrators, who made due diligence for emerging challenges.
Prior to the introduction of the new indirect tax system, there was a disturbance in the taxes imposed by the central government, state governments and local bodies in India. The Ministry said, GST has had an unprecedented impact on the Indian economy and it has proved to be a game changer because it has changed the complex system of indirect taxes that take place at many levels and is replaced by a simple, transparent and technology The motivating system has arrived.
The new tax system Goods and Services Tax (GST) has completed 1 year, the tax system was implemented from 1st July last year. From then onwards, the tax collection figures of 11 months have been issued by the government. According to the figures released by the government, 11 months from July 2017 to May 2018, the GST has collected more than Rs 10 lakh crore tax in the country.
10 lakh crores tax collected:
According to the figures released by the government, a total tax collection of 10,07,395 crores has been collected from July 2017 to May 2018. Tax collection figures for the 12th month i.e. June will be released in early July.
Four facts which shows, How much It had implemented and changed the Indian Economy:
- Talking about the monthly tax collected under the GST during the last one year, the highest monthly tax collection was in April 2018 and the lowest monthly tax collection was filed in December 2017.
According to the data, in December 2017 total tax was collected at 83716 crores and in April 2018 total tax collection was 103458.
- Total GST collected in April 2018 is Rs 18652 crores CGST, 25704 crores are SGST, Rs 50548 crores IGST and Rs 8554 crores have been deposited as cess.
- Under the GST, more than 10 million businessmen have registered till the beginning of March; At the time of its implementation in July 2017, the government had set a target of 10 million registrations till the end of the financial year 2017-18 but the target was one month earlier. It was only completed.
- Apart from the traders, more than 68000 companies have been registered under the GST till the beginning of March.