FinMin focuses on bringing all business establishments under GST net

The finance ministry’s goal, according to Finance Minister Nirmala Sitharaman, is to include all commercial entities under its purview in addition to raising GST income.

She was giving a speech at a gathering to launch 12 GST Suvidha Kendras in Gujarat from this location. These centers will assist commercial establishments in resolving their challenges and obtaining a perfect GST registration.

“GST ‘one nation one tax’, collection is going up every year, every month. GST has brought tax rates down on many items compared to earlier times. Businessmen know that they are not going to be double taxed under GST which was the case earlier. GST collection is increasing because of it,” Sitharaman said.
But many establishments still prefer to remain out of the ambit of GST and are not part of the formal economy, she said.

“They should join the tax system not because they will pay me taxes, but rather because the economy is weak and only a portion of it is being captured. The formalization of the economy can only occur when all participants are on board,” the speaker stated.

Staying out of the (formal) economy is neither good for the country nor for those individuals, she said.

You think that staying out will assist you. It is untrue that you don’t get recognized if you don’t enter the net. She remarked, “Actually, you are losing out on potential buyers.” Therefore, going forward, I would like equal attention to be paid to tax collection, the numbers of which are increasing every year and month. Yes, we must take care of and concentrate on that, but we also should make sure that an increasing number of establishments and enterprises are covered. She stated that a transparent tax system that helps all should be advantageous to the nation.

Read also : GST offences under PMLA; GSTN to share data under PMLA
At the function, five people who uploaded their paid GST bills on the government portal, were awarded Rs 10 lakh each based on a draw.

Sitharaman added that all customers should receive their bills and praised the victors. It conveys a really significant message, which is that consumers ought to ensure their participation in the nation’s progress.

I also appreciate those who had uploaded their bill but who did not win in the lottery, she said, adding that every consumer should be encouraged to upload their bills.
GST revenue collection for October 2023 was the second highest ever, next only to April 2023, at Rs 1.72 trillion.

At the event to inaugurate GST Suvidha Kendras in 12 distinct Gujarati cities, including Ahmedabad, Rajkot, and Panchmahals, were representatives of the State GST department and Gujarat Finance Minister Kanu Desai.

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