New Delhi, India: India has completed 4 years of GST today. On the completion of four years of Goods and Services Tax (GST) officers, Union Minister of State for Finance Anurag Thakur on Wednesday said that Prime Minister Narendra Modi’s government has been very prosperous in implementing the historic law. Speaking to a well-known website, the minister said, “The Modi government has been successful in implementing this historic law with the same thinking, intent and belief with which it was passed.”
India also celebrated the fourth celebration of Goods and Services Tax on Thursday, 1st July to mark its great success in the last 4 years. The date of July 1, designated as ‘GST Day’ by the central government, is celebrated every year to mark the turn-out of significant tax reform. Finance Minister Nirmala Sitharaman on Wednesday said that on GST Day this year, the Union Finance Ministry will issue appreciation certificates to over 54,000 GST payers for timely filing of returns and cash payment of tax.
The Finance Ministry also tweeted today with the hashtag ‘4yearsofGST’ saying that GST has reduced the rate at which people have to pay tax. He retweeted, “The revenue-neutral rate recommended by the RNR committee was 15.3%. In comparison, the current weighted GST rate, as per RBI, is only 11.6%.” The ministry said the country meets its obligations to spend in various social sectors and welfare schemes and infrastructure development from the revenues raised through tax payments by lakhs of honest taxpayers.