SRINAGAR: Terming the rollout of the Goods and Services Tax (GST) regime eight years ago as a landmark reform, Prime Minister Narendra Modi on Tuesday said it reshaped India’s economic landscape.
PM Modi said the indirect tax system reduced the “compliance burden and improved the ease of doing business.”
The GST was implemented across the country on July 1, 2017. It unified 17 taxes and 13 cesses, creating a seamless national market by simplifying compliance and digitising the tax system. It also expanded the taxpayer base and strengthened cooperative federalism.
PM Modi wrote on X: “By reducing the compliance burden, it (GST) has greatly improved the ease of doing business, particularly for small and medium enterprises. GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India’s market.”
In 2024–25, gross GST collections hit a record Rs 22.08 lakh crore, marking a year-on-year growth of 9.4 per cent. The rise reflects the growing formalisation of the economy and improved tax compliance. (KNO)