GST Revenue: GST Completes 7 Yrs of Implementation, This is How Much The Government Earned Through Taxes

GST Revenue: On 1st July 2024, the Goods and Services Tax (GST) completed 7 years of its implementation. GST was implemented during the PM Modi 1.0 government in 2017. In the beginning, after the implementation of GST, people were confused, but over time, it became easier since it differentiated the taxes. Talking about tax revenue, in the last 3 months, GST has doubled and reached more than Rs. 1.8 lakh crore. In the first year of implementation, GST collection was only Rs. 89,844 Cr. 

Total GST Revenue

According to a study by RBI’s state finances, SGST, which is a tax system for state goods and services, has helped to reduce the fiscal imbalance between the central and state in the last few years. However, industry stakeholders still want to come forward to reduce the financial burden. There are some reforms to be done to reduce the challenges of GST, such as easing the capital impact on the working capital, rationalizing GST rates, removing restrictions on IT, and implementing specific sectoral reforms.