Billed as the biggest macro economic reform since independence, the Goods and Services Tax (GST) completes one year of its implementation on Saturday. The launch took place on the midnight of June 30-and July 1 last year in a grand ceremony at the Central Hall of Parliament.
Pressing a button at the stroke of midnight on June 30 last year, then President Pranab Mukherjee and Prime Minister Narendra Modi launched India’s biggest tax reform from the historic central hall of Parliament.
Union Minister Arun Jaitley, on Friday, attributed GST for a significant jump in the tax collection and in the number of tax payers. Jaitley also said in a social media post that the total number of income tax returns filed stood at 6.86 crore in fiscal 2018.
The number of new assesses who filed the tax returns last fiscal were 1.06 crore, he adds. Importantly, there has been a gross increase of 44 per cent in the personal tax category and 17 per cent in the corporate tax category, he said.
Under GST a regulated tax system was introduced in the country. It aimed at ‘one nation one tax’ regime, which witnessed revamped business landscape.
However, last one year of GST had been mixed experiences for tax payers as well as tax collectors, the indirect tax is believed to improve revenue realization in the country.