Gross GST collections all-time high in last fiscal year –

Gross GST collections have doubled in five years to reach an all-time high of 22.8 lakh crore in the financial year 2024-25. According to the GST data, a year-on-year growth of 9.4 percent has been witnessed in the tax collection during last five years. In 2020-21, the total collection was 11.37 lakh crore rupees.  As per the data, the average monthly GST collection in last fiscal stood at 1.84 lakh crore rupees. The number of active taxpayers has also seen a sharp rise as there are over one crore and 51 lakh active GST registrations as of 30th April this year.   
          Tomorrow, the Goods and Services Tax will complete eight years since its rollout. Introduced in 2017 as a major step towards economic integration and tax reforms. GST replaced a maze of indirect taxes with a single, unified system. It made tax compliance easier, reduced costs for businesses, and allowed goods to move freely across states. These measures not only improved ease of doing business but also strengthened the tax base. The consistent rise in revenue collections and a growing base of over one crore 50 lakh active taxpayers reflect its success.  The GST@8 report by Deloitte provides valuable insights into how Indian businesses perceive the Goods and Services Tax after eight years of its implementation. As per the report, 85 percent of respondents of a survey in this regard reported a positive experience with GST. It said, the businesses in the country continued to express growing confidence in the tax system and its long-term stability. Prime Minister Narendra Modi had called it “a path-breaking legislation for New India.” Eight years on, the numbers speak for themselves.