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Introduced seven years ago, the Goods and Services Tax (GST) has simplified compliance, improved tax buoyancy and increased states’ revenues, but challenges still exists.
Rolled out on July 1, 2017, Goods and Services Tax (GST) streamlined 17 taxes and 13 cesses into a 5-tier structure, simplifying the tax regime.
In seven years, the number of registered taxpayers has risen to 1.46 crore from 65 lakh in 2017. Average monthly GST revenues, soared from around ₹90,000 crore in 2017-18, to about ₹1.90 lakh crore in 2024-25.
The turnover threshold for registration rose to ₹40 lakh for goods and ₹20 lakh for services (up from ₹5 lakh on average under VAT). GST also reduced 495 different submissions (challan, forms, declarations, etc) across states to just 12.
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