GST collection in Tripura has more than doubled during the past five years, Tripura Deputy Chief Minister Jishnu Dev Varma said on Thursday.
He stated during a session titled "Journey with GST - 5 years and road ahead" that the state's GST collection (without compensation) increased from Rs 479.71 crore in the 2017–2018 FY to Rs 1282.69 crore in the 2021–22 FY.
"Bringing all the states into one boat was not simple, but Prime Minister Narendra Modi has successfully rolled out the GST across the country." In addition to regional integration, the government, taxpayers, and tax officials are all integrated with this, the deputy chief minister who also oversees finance remarked. "Tripura has achieved an overall 21% jump in tax collection," he said. "The Center has been regularly releasing the GST compensation to the state."
Dev Verma stressed the importance of collaboration between taxpayers and tax authorities, adding that the establishment of the GST council was a significant development for the one-nation, one-tax system.
"The GST council bases every decision it makes on agreement, which is a very difficult undertaking. Some states raise objections to any measure that has ultimately reached consensus, the speaker said. Dev Varma described the GST as a "living law," noting that there is plenty of room for amendment based on the agreement reached at GST Council meetings.
Tax revenue collection is essential for infrastructural development. The government intends to invest 500 crore rupees in the education sector said Tripura's Finance Secretary Brijesh Pandey. The state's capital spending budget for the current fiscal year includes Rs 5,000 crore. These have been made feasible by the state's expanding revenue collection," he added.
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