Buoyant GST receipts show economic recovery: Bhagwat Karad

 








GST receipts exceeding expectations to touch ₹1.3 trillion in October suggests economic recovery is on, minister of state for finance Bhagwat Karad said on Thursday.


Speaking at a tax conference in Pune, Karad said there were some hiccups in GST implementation when it was introduced four years ago, but with feedback and suggestions from tax practitioners, these problems are being ironed out gradually.

The aim is to make a new India which has health, wealth and infrastructure. Finance is the most important part of it. Our aim is to create clean and clear system which brings transparency in tax collection," a statement from the finance ministry said quoting the minister.

The conference discussed issues including appeal under GST and faceless tax assessment. Karad said Prime minister Narendra Modi’s advice was to focus on the three pillars of financial inclusion, financial literacy and digital transaction.

The minister also recalled the words of former president Late APJ Abdul Kalam that taxpayers are nation builders.

“India's national budget which used to be Rs. 17 trillion seven years ago has more than doubled," the statement said quoting the minister. This was made possible because of honest taxpayers, it said, adding that tax practitioners were chief motivators for compliance.

GST receipts in October for transactions in September is the second highest level since the roll out of the new indirect tax regime in 2017.



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