GST helped households save Rs. 45,000 crore per month from Dec'17 until Mar'23: White Paper
Union Finance Minister Nirmala Sitharaman on Thursday tabled the White Paper in Parliament, highlighting the "failures" of the Congress-led UPA government and how BJP-led NDA turned things around. The White Paper showed how Prime Minister Narendra Modi-led NDA government addressed multiple issues, from tax reforms to ensuring public resources such as coal and telecom for betterment of the society.
As per the report, the introduction of the Goods and Service Tax (GST) was a much-needed structural reform to improve revenue collection and compliance. Comparing tax collection during the UPA government’s 10-year tenure, the report highlights that the average tax-GDP ratio for FY15 to FY24 RE is about 10.95%, higher than the ten-year average of 10.5% during 2005-14. “This is despite lower tax rates and widespread relief extended during the Covid-19 pandemic,” it adds.
The report claims that GST has helped households save nearly Rs. 45,000 crore per month from December 2017 until March 2023. At the same time, monthly average GST revenue has increased from Rs. 90,000 crore in FY18 to Rs. 1.7 lakh crore in FY24.
