Since the announcement of GST, expectations have sufficed from a procedural perspective but is yet to establish a simple, transparent and self-control tax dispensation and deliverance.
The ‘Goods & Services Tax’ was envisioned in 2000 and was conceptualized as the biggest fiscal reform since independence. The Constitution [101st] Amendment Act, 2016 laid the foundation for the implementation of GST legislation. Pursuant insertion in Article 246A, Centre and State were conferred with concurrent taxing powers. Article 279A of the Constitution established the creation of the GST Council and mandated the council with immense and varied recommendatory powers.
On commemorating the four years of GST, Finance Minister Nirmala Sitharaman said that enhanced GST revenue collection in the recent months should be the ‘new normal. GST revenue collection has shown systematic growth in the last four years and is now almost double what it was four years ago.
For the last eight months in a row, GST revenues have crossed Rs. 1 lakh crore mark and record collection in April 2021 of Rs. 1.41 lakh crore.
FM Sitharaman hailed the efforts of tax officials for the enforcement measures in dealing with GST fraud.
‘Commendable work has been done in the year gone by both in the area of facilitation and enforcement with numerous cases of fraudulent dealers and ITC being registered. In recent months, the enhanced revenue collection should now be the ‘new normal,’ Sitharaman said.
Central Board of Indirect Taxes and Customs (CBIC) will be issuing a certificate of appreciation to 54,439 GST payers for timely filing of GST returns and cash payment in the last four years. More than 88 percent of these taxpayers are from micro, small and medium enterprises.