• Notification Date: 19-04-2024
• Notification No: N/A

FM Nirmala Sitharaman Union Presides Over as Chief Guest as 6 Years Of GST has been Completed

Finance Minister Nirmala Sitharaman has lauded the Goods and Services Tax (GST) meetings as shining examples of cooperative federalism.

Presiding over the 6th GST Day in New Delhi yesterday, Ms Sitharaman also discussed the challenges of the fragmented Indirect Tax System prior to GST implementation, with multiple tax rates, complex procedures, and check posts at inter-State borders burdening taxpayers and the common man.

She emphasized the positive impact of GST on consumers, with lower tax incidence on common-use items compared to pre-GST rates.

During her address, the Finance Minister highlighted the benefits of GST for Micro, Small, and Medium Enterprises (MSMEs) by easing compliance through measures like the composition scheme and QRMP (quarterly return with monthly payment). She emphasised that technology has been the centerpiece of the GST-Facilitation Revolution, enabling its success.

The Finance Minister also acknowledged the crucial role played by trade associations in formulating and implementing GST. She said, This consultative and collaborative approach has been instrumental in responsive and responsible policymaking.

Speaking on the occasion, Minister of State for Finance Pankaj Chaudhary also highlighted the salient features of GST and in particular removal of multiple taxes and implementation of the concept of One Nation One Tax.