“On the eve of completion of four years of the GST, it has been determined to honour the tax payers who’ve been part of the GST success story… this step marks the primary effort by the federal government to straight talk to the GST taxpayers for his or her contribution,” the Board mentioned in a press release Wednesday.
“An information analytics train was therefore undertaken by CBIC to determine taxpayers who’ve made substantial contribution in fee of GST in money together with well timed submitting of returns, because of this 54,439 taxpayers have been recognized,” it added.
Greater than 88% of the taxpayers are from the MSME sectors. About 36% from micro industries, 41% from small and 11% from medium scale enterprises, representing a large spectrum sectors concerned within the provide of products and providers unfold throughout all states.
CBIC will situation certificates of appreciation to those taxpayers. Items and Providers Tax Community (GSTN) shall be sending out the certificates of appreciation to particular person tax payers by e-mail. The taxpayers will have the ability to print and show these certificates.
GST was launched on July 1, 2017 as a nationwide tax reform which subsumed 17 native levies like excise obligation, service tax and worth added tax.
Through the years there was a discount within the tax charges, simplification of procedures and a rising financial system has additionally led to an exponential improve within the tax base. Nevertheless, trade has continued to hunt enhancements within the GST community system apart from fewer compliances and higher laws and administration that may present ease of doing enterprise.
“The federal government is dedicated to steady enchancment of taxpayer providers and seeks the cooperation of all taxpayers for his or her voluntary compliance and contributing to nationwide improvement for a powerful and resilient India,” the Board mentioned Wednesday.
Prime Minister Narendra Modi mentioned on the eve of GST Day on July 1, that GST has been a milestone within the financial panorama of India.
“It has decreased the variety of taxes, compliance burden and total tax burden on frequent man whereas considerably growing transparency, compliance and total assortment,” he mentioned.
GST revenues have steadily grown and have been above the Rs 1 lakh-crore mark for eight consecutive months in a row regardless of the Covid second wave. Information for June month is predicted on Thursday.