July 01 marks the completion of one year of implementation of the Goods and Services Tax (GST) in India. The centre organised a function in New Delhi to mark GST Day celebrations.
Addressing the function, Finance Minister Piyush Goyal has said that the GST is a symbol of cooperative and collaborative federalism. "GST has integrated India economically" he added.
Goyal further said "India is the first country to have shown courage to implement GST in a country as big as itself."
Addressing the function through video conferencing, Union Minister Arun Jaitley informed that the government is in the process of rationalising GST rates. "Before GST, India was a fragmented market and there was a need to create efficient market by implementing the new indirect tax regime. It has also increased the collection of direct tax" he added.
Speaking on the occasion, Finance Secretary Hasmukh Adhia informed "GST revenue collection has risen to Rs 95,610 crore in June against Rs 94,016 crore rupees last month."
(Inputs from AIR)
