#Budget2024 | #GST has reduced compliance burden on industry, has led to supply chain optimisation, says Finance Minister #NirmalaSitharaman.
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Watch: https://bit.ly/48WnIV0
Read all #Budget2024 updates: https://bit.ly/3UnF0pD
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TVTranscript
00:00 By unifying the highly fragmented indirect tax regime in India, the GST has reduced the
00:06 compliance burden on trade and industry.
00:10 The industry has acknowledged the benefits of GST.
00:14 According to a recent survey conducted by a leading consulting firm, 94% of industry
00:22 leaders view the transition to GST as largely positive.
00:30 According to 80% of the respondents, it has led to supply chain optimization, as elimination
00:37 of tax arbitrage and octroi has resulted in disbanding of checkposts at the state and
00:43 city boundaries.
00:45 At the same time, tax base of GST more than doubled and the average monthly gross GST
00:53 collection has almost doubled to 1.66 lakh crores this year.
01:01 States too have benefited.
01:03 States' SGST revenue, including compensation released to states in the post-GST period
01:11 of 2017-18 to 2022-23, has achieved a buoyancy of 1.22.
01:20 In contrast, the tax buoyancy of state revenues from subsumed taxes in the pre-GST four-year
01:28 period of 2012-13 to 2015-16 was a mere 0.72.
01:37 The biggest beneficiaries are consumers, as reduction in logistic costs and taxes have
01:44 brought down prices of most goods and services.
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