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Supreme Court has not altered fundamental features of GST: Says Finance Minister

Nirmala Sitharaman also says it is reasonable to expect the steady growth trend in GST revenue to continue.

The Supreme Court in a recent ruling has not set aside or altered the fundamental features of the Goods and Services Tax (GST), finance minister Nirmala Sitharaman wrote in an article July 1 as the indirect tax system completes five years of implementation.

In a recent ruling last month, the apex court had said that recommendations by the GST Council are not binding on states or the Centre and hold a persuasive value.

“Since its introduction, GST has naturally faced teething problems. But, it has emerged strongly after facing turbulence from the Covid-19 global pandemic and its fallout,” Sitharaman wrote in The Indian Express. “It is to the credit of the GST Council that the Centre and the states held each other’s hand to not just face the crisis but to lift our economy onto the path of recovery.”

The finance minister said that the average GST monthly collections have increased to Rs 1.24 lakh crore in 2021-22 from Rs 1.04 lakh crore in 2020-21.

In the first two months of this year, the average collections are Rs 1.55 lakh crore, she said, adding that “it is reasonable and fair expectation that this steady increasing trend will continue".

Sitharaman cited former West Bengal finance minister Asim Dasgupta, who was the chairperson of the Empowered Group of State Finance Ministers from 2000-2011,.......
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TaxReply


Jul 1, 2022


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