"Landmark reform that reshaped India's economic landscape": PM Modi on 8 years of GST
The GST was introduced in India on July 1, 2017, during a historic midnight session of Parliament that convened on June 30. It replaced multiple indirect taxes with a single nationwide system, helping create a common national market and reducing the cost of doing business.
The Prime Minister emphasised that GST has significantly eased the compliance burden on businesses, especially for small and medium enterprises (SMEs), thereby improving the overall Ease of Doing Business in the country.
In a post on X, PM Modi said, 'Eight years since it was introduced, GST stands out as a landmark reform that has reshaped India's economic landscape. By reducing the compliance burden, it has greatly improved the Ease of Doing Business, particularly for small and medium enterprises. GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India's market.'
https://x.com/narendramodi/status/1939979513796206655
India's Goods and Services Tax (GST) system has achieved a significant milestone in 2024-25, with a record gross collection of Rs 22.08 lakh crore, showing a 9.4 per cent growth over the previous year.
According to a release by the Finance Ministry, the average monthly GST collection stood at Rs 1.84 lakh crore, the highest since the GST was launched in 2017.
GST collections have steadily increased over the years, rising from Rs 11.37 lakh crore in 2020-21 to Rs 20.18 lakh crore in 2023-24, reflecting stronger economic activity and better compliance.
As of April 30, 2025, there are now over 1.51 crore active GST registrations, showing growing participation in the tax system.
The GST Council, established under the Constitution to guide GST policy, has played a pivotal role in shaping the system. It is chaired by the Union Finance Minister and includes state finance ministers and other key officials.
Since its formation in 2016, the Council has held 55 meetings and made many important decisions to simplify and make the GST system more business-friendly.
Now in its eighth year, the GST is widely regarded as one of India's most significant tax reforms. Businesses -- especially small and medium-sized ones -- benefit from easier compliance, faster refunds, and fewer tax-related hurdles.
The recent Deloitte GST@8 survey confirms strong industry support for GST. It found that 85 per cent of business leaders had a positive experience with the system.
Key reasons included simplified tax processes, smooth flow of input tax credits, the removal of outdated state taxes and checkpoints, and improved use of digital technology.
Among small and medium enterprises (SMEs), support for GST also grew--from 78 per cent last year to 82 per cent this year--showing broader acceptance of the system.
As GST enters its ninth year, it continues to evolve, focusing on ease of doing business, improved compliance, and stronger economic growth. (ANI)
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