GST collection, devolution a success story Explained: FM Sitharaman
GST collection, devolution a success story Explained: FM Sitharaman

GUWAHATI: On Friday, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, lauded the North Eastern states for their remarkable success in the collection and devolution of Goods and Services Tax (GST). According to the 2023 RBI report on state finances, these eight states have experienced a noteworthy compounded annual GST growth rate of 27.5 percent.

Addressing the Investiture Ceremony, where the Presidential Award for 'Specially Distinguished Record of Service' was conferred upon officers and staff of the Central Board of Indirect Taxes and Customs (CBIC), Sitharaman highlighted Assam's pioneering role. Assam became the first state to ratify the GST Act just four days after its passage, leading to a twelvefold increase in tax collection. Sales tax revenue that previously stood at Rs 558.26 crore surged exponentially to Rs 7,097 crore after GST implementation.

Sikkim and Meghalaya have also achieved significant milestones. Sikkim witnessed an increase in collection from Rs 263.5 crore to Rs 3,036 crore, while Meghalaya's collection soared from Rs 587.21 crore to Rs 2,078 crore.

Sitharaman emphasized that GST has brought remarkable improvements to the system, benefiting not only the states but also the people at large. Considering the North East's borders with four countries and the presence of 25 functional Land Customs Stations (LCS), the minister urged officials to equip all remaining LCSs with electronic facilities by December. This enhancement will aid in detecting and preventing smuggling activities.

Currently on a two-day visit to Assam and Tripura, the Union Minister expressed optimism about the positive impact of GST on the region's development and economy.

GST Rate Rationalization to be Reshuffled Soon, Decision Unlikely Before 2024 LS Polls

GST Council to Deliberate Legal Perspective on Taxing Online Gaming

Join NewsTrack Whatsapp group
Related News