Eight years of GST: The hits and misses
These eight successful years of GST implementation in India have broken stereotypes by showcasing a perfect jugalbandi between Centre and state administrations coming together to make decisions and resolve issues.
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The Print
an hour ago
- The Print
Gross GST collections double in 5 years to record Rs 22.08 lakh cr in FY25
The average monthly collection stood at Rs 1.84 lakh crore in FY25, up from Rs 1.68 lakh crore in FY24 and Rs 1.51 lakh crore in FY22. The gross goods and services tax (GST) collections touched its highest-ever level of Rs 22.08 lakh crore in 2024-25, registering a 9.4 per cent growth over the previous fiscal year. New Delhi, Jun 30 (PTI) Gross GST collections doubled in five years to reach an all-time high of Rs 22.08 lakh crore in the 2024-25 fiscal year, from Rs 11.37 lakh crore in FY21, government data showed on Monday. In eight years, the number of registered taxpayers under GST has risen from 65 lakh in 2017 to over 1.51 crore. 'Since its rollout, the goods and services tax has shown strong growth in revenue collection and tax base expansion. It has steadily strengthened India's fiscal position and made indirect taxation more efficient and transparent,' a government statement on eight years of GST said. In 2024-25, GST recorded its highest-ever gross collections of Rs 22.08 lakh crore, reflecting a year-on-year growth of 9.4 per cent. In 2023-24 and 2022-23, GST collections were Rs 20.18 lakh crore and Rs 18.08 lakh crore in 2022-23. In 2021-22, total gross GST collections were Rs 11.37 lakh crore, and the average monthly collection was Rs 95,000 crore. GST, which was launched on July 1, 2017, completes eight years on Monday. GST subsumed about 17 local taxes and 13 cesses into a five-tier structure, simplifying the tax regime. Monthly GST collection had touched a record high of Rs 2.37 lakh crore in April 2025. In May 2025, it was at Rs 2.01 lakh crore. The numbers for June will be released on Tuesday. PTI JD TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
2 hours ago
- Business Standard
Kanimozhi urges Centre to act on pulp dilution hurting TN mango farmers
In a letter to Union Food Processing Minister Chirag Paswan, Dravida Munnetra Kazhagam (DMK) Lok Sabha member Kanimozhi Karunanidhi has highlighted the distress that mango farmers in Tamil Nadu are facing because of a sharp reduction in pulp content in mango-based beverages. In the letter, which she posted on her social media handle on Monday, Kanimozhi said pulp content has been reduced from 20 per cent in 2022 to 11 per cent in 2024. She said this decline is driven by companies attempting to 'circumvent' higher goods and services tax (GST) rates and 'misusing regulatory loopholes by rebranding products as 'fruit drinks' instead of 'fruit juice', which violates Food Safety and Standards Authority of India (FSSAI) norms'. According to Kanimozhi, manufacturers have resorted to this because drinks with more than 10 per cent real fruit content attract 28 per cent GST—the same as carbonated drinks. She said beverages with real fruit content below 10 per cent fall under the 18 per cent or lower GST slab. The current regulation mandates a minimum of 10 per cent fruit content to label a product as 'fruit juice', but companies are now marketing products as 'fruit-based beverages' or 'fruit drink', which fall under a lower regulatory category that requires only 5 to 10 per cent fruit pulp, she said. 'I have urged the ministry to take immediate corrective measures to restore 20 per cent pulp usage and prevent dilution of standards affecting farmer livelihoods,' Kanimozhi said.
Mint
2 hours ago
- Mint
GST completes eight years: Good for govt, good for business
New Delhi: With 15 million registered taxpayers and robust growth in the revenue receipts, the Goods and Services Tax (GST) ecosystem is continuing to evolve with a focus on ease of doing business, better compliance and wider economic participation, the finance ministry said on Monday as the indirect tax system completed eight years. Annual revenue from GST, introduced on 1 July 2017, has doubled to ₹ 22.08 trillion in FY25 from five years ago and micro, small and medium enterprises are finding easier access to credit, the ministry said. In FY21, the combined Central and state GST revenue collection was ₹ 11.37 trillion. The ministry's emphasis on ease of doing business, compliance and wider economic participation comes at a time Central and state governments are preparing for reforms in the GST architecture by reducing the slabs and reallocating goods and services, which are on the 12% slab, to 5% and 18%. The move is expected to simplify the rate structure and address anomalies such as certain raw materials and intermediate products facing a higher tax burden than the finished products. GST has brought major relief to micro, small and medium enterprises, the ministry said adding the tax regime had opened doors for easier access to credit. The ministry said that TReDS or Trade Receivables Discounting System—online platforms where small enterprises can sell their unpaid invoices to banks to get quick cash—have helped improve access to credit by these businesses. More than 5,000 buyers and over 53 banks and 13 non-banking finance companies are registered as financers on the four TReDS platforms in the country. The GST regime delivered substantial progress in integrating markets, enhancing compliance, and leveraging digital tools for administration and enforcement but the journey ahead demands a renewed focus on simplification of the tax structure, ensuring stability in policies and building deeper trust among all stakeholders, PricewaterhouseCoopers said on Monday in a review of the tax system. The next phase of GST must prioritize rationalizing rates, reducing blocked tax credits, broadening the tax base and removing procedural bottlenecks, the consulting company said. Experts said the industry is looking forward to GST appellate tribunals being operationalized for quick resolution of disputes. The changes in the tax system so far have played a crucial role in reducing litigation and simplifying procedures. However, the wait for a functional GST appellate tribunal continues, said Manoj Mishra, tax controversy, management leader, Grant Thornton Bharat. 'While the structure is now in place, its effectiveness will depend entirely on how efficiently it is implemented. Broader issues like rate rationalization and inclusion of petroleum products remain on the table. As we look ahead, the journey is far from over, but the direction is right and the momentum isbuilding,' said Mishra.
