|
As India marks nine years since the implementation of the Goods and Services Tax (GST), data released from Finance Minister Nirmala Sitharaman's office highlights the system's digital transformation, showing that the GST framework now has 1.65 crore registered taxpayers.
The administrative framework successfully managed 192.73 crore total return filings and processed 2,886 crore invoice uploads. Logistical efficiency also witnessed a significant shift, with the system recording 778.10 crore E-Way bills alongside 47.03 crore total payment transactions. Peak operations reached a single-day high of 43.51 lakh return transactions and 14.96 lakh payment transactions, highlighting a massive portal capacity that handles a cumulative payment volume of 108.98 lakh crore through the digital network. "GST reforms have strengthened India's growth journey through a simpler, more transparent and citizen-centric indirect tax system, easing the burden on essential sectors while enhancing the ease of living and ease of doing business," the Nirmala Sitharaman Office on X stated. Citing Deloitte's GST@9 Survey, the FM highlighted high structural optimism within corporate India, pointing to a positive sentiment surge that reached 84 per cent from 59 per cent recorded back in 2022. "Deloitte's GST@9 Survey reflects strong industry confidence in India's GST journey, with businesses recognising gains in transparency, digital compliance and efficiency," the Nirmala Sitharaman Office on X added, noting that "MSMEs report a more positive GST experience, while rate rationalisation under GST 2.0 is seen supporting key consumption-facing sectors." According to the survey, 69 per cent of respondents cite digital compliance as the single biggest achievement of the tax system, while 50 per cent of businesses report a positive impact stemming specifically from the GST 2.0 rate rationalisation. Market assessments indicate broad sectoral expansions, with the consumer sector logging 74 per cent gains and the healthcare sector witnessing a 72 per cent jump. Crucially, 77 per cent of Micro, Small, and Medium Enterprises (MSMEs) report an overall positive GST experience. "Next-generation GST reforms rationalised rates across daily essentials, healthcare, electronics, automobiles and several other sectors, passing on tangible benefits directly to every household," the Nirmala Sitharaman Office on X noted. The structural optimisation lowered tax rates across key segments, transitioning daily essentials like hair oil, shampoo, toothpaste, and household utensils from an 18 or 12 per cent bracket down to 5 per cent. Agricultural inputs followed a similar path, dropping from 18 per cent and 12 per cent to a flat 5 per cent for tractor parts, drip irrigation systems, and soil cultivation machinery. The healthcare space received critical relief as individual health and life insurance rates fell from 18 per cent to nil, while diagnostic kits, medical oxygen, and spectrometers reduced to 5 per cent. Educational materials like maps and pencils similarly moved down to nil and 5 per cent, while higher-end consumer durables including air conditioners, large televisions, and specific hybrid vehicles scaled down from 28 per cent to 18 per cent. (ANI)
|
