New Delhi, July 1 || The Goods and Services Tax (GST) has been one of the most significant reforms undertaken in India over the past decade, Dr. Manoranjan Sharma, Chief Economist at Infomerics Ratings, said on Tuesday.
According to him, GST has not only expanded the country’s taxpayer base but also made doing business considerably easier compared to earlier times.
Sharma said, "Over the last ten years, India has witnessed several important structural changes, and GST stands out among them."
“The impact is clearly visible in the numbers. In the financial year 2024–25, GST collections stood at Rs 22.08 lakh crore, with an average monthly collection of Rs 1.84 lakh crore -- over 9 per cent higher than the previous year. In contrast, GST collections in FY 2020–21 were Rs 11.37 lakh crore,” Sharma mentioned.
He further pointed out that the number of registered taxpayers under GST has grown significantly due to periodic reforms implemented by the government.