New Delhi:
Goods and Services Tax (GST) is considered one of the biggest economic reforms of the Modi Government. This has made the indirect tax process easier. Due to this, GST collection is also increasing year after year. In August 2024, the GST collection was Rs 1.75 lakh crore. It has seen an increase of 10 percent on an annual basis, in August last year the GST collection was Rs 1.59 lakh crore.
Central government is preparing to simplify the GST process
The central government is constantly working to simplify the GST process as it helps in reducing logistics costs and making it easier to do business. Keeping this in mind, the central government is focusing on simplifying the GST process.
Finance Minister hinted at the arrival of GST 2.0 in Budget 2024
In the General Budget 2024, Union Finance Minister Nirmala Sitharaman emphasized on simplification of tax laws and adoption of technology. The Union Finance Minister indicated in Budget 2024 that the arrival of GST 2.0 will help unlock business potential. Along with this, it will help in creating a favorable environment for business.
There will be a big change in India with the arrival of GST 2.0
Tax experts say that GST 2.0 will bring a big change in India. It will not only be an update of GST laws, but it will also make the GST system more transparent, simple and business friendly. Its arrival can also address long-standing demands from industries such as tax simplification etc.
GST collection in the first five months of 2024-25 is Rs 9.14 lakh crore
GST 2.0 will simplify the tax process. This will support the rapid growth rate and increase India’s competitiveness at the global level. In the first five months of the financial year 2024-25, GST collection has increased by 10.1 percent year-on-year to Rs 9.14 lakh crore.
The total GST collection in the financial year 2023-24 was Rs 20.18 lakh crore. It saw an increase of 11.7 percent as compared to the previous year.
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