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 May 19 ruling, the apex court had said that recommendation 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.
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