Business Standard

Towards a good and simple tax

Despite making gains, next-generation reforms are required to expand and streamline the GST

tax, GST, Indian economy
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Illustration: Binay Sinha

M Govinda Rao
The implementation of the goods and services Tax (GST), which replaced 14 indirect taxes of the Union and state governments, is surely a landmark reform. There has been a steady increase in revenues, with a record collection of  Rs 2.1 trillion in April 2024, 15.5 per cent higher than the previous year. 

The collections in the first quarter of this financial year are Rs 5.57 trillion, compared to Rs 5.05 trillion in the corresponding period of the previous year, recording a growth of 10.2 per cent, which is much higher than the estimated nominal growth of gross domestic
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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First Published: Jul 10 2024 | 10:28 PM IST

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