New Delhi: As the Goods and Services Tax (GST) marks its second anniversary on Monday, former Finance Minister Arun Jaitley said that 20 States have independently reported 14 per cent rise in their revenues post the implementation of the unified tax regime.
In a Facebook post, he also said that the tax-payers’ base under the GST has increased 8.4 per cent to 1.2 crore.
“In the eight months of 2017-18 (July to March), the average revenue collected per month was Rs 89,700 crore per month. In the next year (2018-19), the monthly average has increased by about 10 per cent to Rs.97,100 crore,” he said.
“Every State has been paid its share of tax... also from the compensation fund, if necessary. We have just completed two years of GST. Already after the second year, twenty States are independently showing more than a 14 per cent increase in their revenues and the compensation fund in their case is not necessary."
Arun Jaitley, who as Finance Minister during 2014-2019 steered the implementation of GST, dubbing it the biggest tax reform in India, has been suffering of ill-health for the last few months. He also decided to opt out of Narendra Modi-led NDA government’s second term, requesting the Prime Minister to not consider him for any cabinet berth. Nirmala Sitharaman was subsequently chosen as the Finance Minister. (IANS)