Key Points
Union Finance Minister Nirmala Sitharaman administered the oath of office to Justice (Retd) Sanjaya Kumar Mishra as the first President of the GST Appellate Tribunal (GSTAT) on Monday.. She also emphasized the significant impact of the Goods and Services Tax (GST) regime, highlighting its pro-poor stance...
The Revenue Neutral Rate was suggested to be 15.3 percent but was lower at 14.4 percent in 2017, and it has come down to 11.6 percent in 2019," she said.. Sitharaman underscored that the recent milestone of GST collections exceeding Rs 2 lakh crore was propelled by heightened economic activity, marking a positive trajectory for the nation's fiscal landscape...
Highlighting the evolution of the GST tax structure since its inception, Sitharaman mentioned that the effective weighted average GST rate has consistently decreased, demonstrating a commitment to progressive tax policies..
Sitharaman emphasized that GST has revolutionized tax compliance through uniform processes, simplified registration, and minimal physical interface, leading to substantial benefits for businesses, particularly micro, small, and medium enterprises (MSMEs)..
Furthermore, Sitharaman noted the remarkable increase in the number of registered taxpayers under GST and the utilization of schemes like the Quarterly Returns with Monthly Payment (QRMP) by small taxpayers and MSMEs..
