Tax base widened by 25% post GST
GSTN [goods and Services Tax network] has been witnessing a steep surge in the number of new GST registrations and also experiencing overloaded traffic in terms of the migration of the tax payers from the previous era to the GST regime.
Talking about the numbers, the sources from the central finance ministry revealed that the figures of have gone up to the tune of 10 million from the 8 million in the pre GST. The government and the GST Council is overwhelmed by this quick 25% rise and that too so quickly. More than 1.3 million new registrations have been applied for, which means an elevated tax buoyancy for the government.
The government is surely doing its bit to support the transition of GST easier for factories set up in the remote and hilly areas of Jammu and Kashmir, Uttarakhand, Himachal Pradesh and north-eastern states. A hefty budget of Rs. 27413 crores is allocated for the smooth inception, transition and an organized implementation of GST in these states and the budgetary support will let the Central government to refund the taxes to these 4200 + industrial units located in these deep pockets.
As published in Live Mint.