FinMin focuses on bringing all business establishments under Scope of GST

Finance Minister Nirmala Sitharaman stated on Tuesday that the finance ministry’s priority is not only to increase GST revenue but also to put all business enterprises under its purview.

She was addressing at a ceremony to launch 12 GST Suvidha Kendras in Gujarat from here, which will assist businesses in obtaining perfect GST registration and resolving issues at such centres.

“GST ‘one nation, one tax’ collection is increasing year after year, month after month. When compared to previous years, GST has reduced tax rates on several commodities. Businesses are aware that they would not be subjected to double taxation under GST, as was previously the case. As a result, GST collection is increasing,” Sitharaman remarked.

However, she claims that many businesses still opt to avoid GST and are not part of the formal economy.

“Why should they come into the tax net, not because they will pay me tax, but because the economy is truly strong… What we catch is simply a portion of the whole… And only when everyone is on board can the economy be formalised,” she explained.

“Staying out of the (formal) economy is neither good for the country nor for those individuals,” she went on to say.

“You believe that staying out benefits you…If you do not enter the net, you will not be noticed, which is not true. Actually, you’re missing out on possible purchasers,” she pointed out.

“So, from now on, I would want equal priority for tax collection, the numbers of which are increasing every year and month… sure, we must pay attention and focus on that… However, we must also ensure that more and more places and enterprises are covered. The country should benefit from a transparent tax regime that benefits everyone,” she stated.

At the event, five customers who uploaded their paid GST bills to the government portal were randomly selected and rewarded Rs 10 lakh each.

Sitharaman praised the victors and stated that all customers should receive their invoices.

In some ways, it has a very big message, and that is the spirit with which the consumer should ensure that they participate in the country’s development.

“I also appreciate those who had uploaded their bill but did not win in the lottery,” she said, adding that every consumer should be encouraged to post their bills.

At Rs 1.72 lakh crore, GST income collection in October 2023 was the second-highest ever, after only April 2023.

Gujarat Finance Minister Kanu Desai and State GST Department officials attended the event to inaugurate GST Suvidha Kendras in 12 cities throughout Gujarat, including Ahmedabad, Rajkot, and Panchmahals.