New Delhi, India: India completed 4 years of GST today. On the completion of four years of the Goods and Service Tax (GST) officials, Anurag Thakur the Union Minister of State for Finance Wednesday said that Prime Minister Narendra Modi's government has been very prosperous at imposing the historic law. Talking to a famous website minister said, "The Modi government has been successful at implementing this historic law with the thought, intention, and belief with which it was passed."
?GST has been a milestone in the economic landscape of India?, says @PMOIndia #4yearsofGST #4yearsofGST https://t.co/ti0sfVUhWp
? Nirmala Sitharaman (@nsitharaman) June 30, 2021
India also celebrated the fourth ceremony of the Goods and Services Tax on Thursday, July 1, for its great success in the last 4 years. The date of July 1 has been assigned by the central government as 'GST Day,' celebrated every year to mark the turn-out of the important tax improvement. Finance Minister Nirmala Sitharaman said on Wednesday that this year on GST day, the Union ministry of finance will issue certificates of appreciation to over 54,000 GST payers for timely filing of returns and a cash payment of the tax.
The Finance Ministry also tweeted today with the hashtag '4yearsofGST' to say that the GST has reduced the rate at which people have to pay tax. He tweeted again, "The revenue-neutral rate as recommended by the RNR Committee was 15.3%. Compared to this, the weighted GST rate at present, according to the RBI, is only 11.6%." The ministry added that the country meets its obligations towards spending in various social sectors and welfare schemes and infrastructure development out of revenues mobilized through tax payments by millions of honest taxpayers.
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