GST has done justice to consumers by bringing rates down: FM Nirmala Sitharaman
Before GST was introduced, India's indirect tax system was fragmented, where every state was effectively a distinct market, FM
New Delhi (ANI): Union Finance Minister Nirmala Sitharaman addressed the gathering at the GST Day event that was celebrated to mark the 6th anniversary of the present GST regime.
At the event, FM Nirmala Sitharaman asserted that Goods and Services Tax (GST) has brought in greater tax buoyancy as a result of which tax collection has grown more than GSDP.
In her speech during the ceremony to mark the 6th anniversary of the present GST regime Sitharaman mentioned that, “GST has done justice to the consumers by bringing the rates down compared to the previous regime.”
Finance Minister Nirmala Sitharaman further remarked that, “Before GST was introduced, India’s indirect tax system was fragmented, where every state was effectively a distinct market for the industry as well as the consumer.”
Further the FM added that, “GST has brought in greater tax buoyancy as a result of which, more than your GSDP growth, your tax collection is growing. Therefore, both Centre and states are getting benefits… ”
“We have to dispel this myth that states are losing out after having joined hands for GST…No state suffers after GST today, and that is despite Covid…,” said Union Finance Minister Nirmala Sitharaman while concluding her statement.
Ms Kalinga