Finance Minister Nirmala Sitharaman emphasized the Finance Ministry’s commitment not only to boosting GST revenue but also to bringing all business establishments within the GST framework. Speaking at the inauguration of 12 GST Suvidha Kendras in Gujarat, Sitharaman highlighted the importance of inclusive participation in the formal economy. While acknowledging the steady rise in GST collections, she noted that certain establishments still choose to remain outside the GST ambit. Sitharaman stressed the significance of formalizing the economy, stating that it benefits both the nation and individuals.
Encouraging Businesses to Embrace GST
Sitharaman challenged businesses to recognize the advantages of being part of the tax net, emphasizing that it contributes to the true strength of the economy. She urged establishments to understand that staying outside the formal economy is detrimental and can lead to missed opportunities, emphasizing the potential loss of potential buyers. Sitharaman called for a dual focus on increasing tax collections and expanding GST coverage, envisioning a transparent tax regime that benefits the entire country.
Recognition for GST Compliance
During the event, Sitharaman awarded five individuals who uploaded their paid GST bills on the government portal, each receiving Rs 10 lakh through a draw. She commended the winners and conveyed the message that consumer participation is crucial for the country’s development. Sitharaman encouraged all consumers to upload their bills, emphasizing the role of every individual in contributing to the nation’s progress.
Gujarat’s Role in GST Expansion
Gujarat Finance Minister Kanu Desai and State GST department officials attended the event marking the opening of GST Suvidha Kendras in 12 cities across Gujarat. The move aligns with the broader goal of expanding GST coverage and ensuring a transparent tax system that benefits both businesses and the nation. October 2023 witnessed the second-highest GST revenue collection, underscoring the continued success of the GST framework.
