New Delhi, August 24
The Finance Ministry on Monday mentioned GST has decreased the speed at which individuals need to pay tax, helped enhance compliance and doubled taxpayer base to 1.24 crore.
In a sequence of tweets, on the primary demise anniversary of former Finance Minister Arun Jaitley, the ministry mentioned earlier than items and companies tax (GST), the mix of value-added tax (VAT), excise, gross sales tax and their cascading impact resulted in excessive commonplace price of tax as much as 31%.
“It is now widely acknowledged that GST is both consumer and taxpayer-friendly. While the high tax rates of the pre-GST era acted as a disincentive to paying tax, the lower rates under GST helped to increase tax compliance,” the ministry mentioned. The variety of assessees coated by the GST on the time of its inception have been about 65 lakh. — PTI