(Asian News Hub) – Prime Minister Narendra Modi on Wednesday said that the Goods and Service Tax (GST) has decreased the number of taxes and has increased transparency and called it a “milestone in the economic landscape of India”.
“GST has been a milestone in the economic landscape of India. It has decreased the number of taxes, compliance burden and overall tax burden on the common man while significantly increasing transparency, compliance and overall collection,” Prime Minister Modi tweeted.
In a tweet, the Ministry of Finance said, “The GST Composition Scheme was revamped over the years.Service providers were included under the Scheme, and the limit for manufacturers and traders has increased from Rs 1 crore to Rs 1.5 crore a year. These measures benefitted more than 25 lakh taxpayers.”
As per a statement issued by the Finance Ministry on June 5, the gross GST revenue collected in May was at Rs 1,02,709 crore.Of this, central GST was Rs 17,592 crore, state GST Rs 22,653 crore, integrated GST Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and cess Rs 9,265 crore (including Rs 868 crore collected on import of goods).
