GST reshaped India’s economic landscape: PM

New Delhi, Jul 1: Terming rolling out of Goods and Services Tax (GST) regime, eight years ago, as a landmark reform, Prime Minister Narendra on Tuesday said that it reshaped India’s economic landscape.
PM Modi said that the indirect tax regime reduced the “compliance burden and improved the ease of doing business.”
Pertinently, the GST was implemented across the country on July 1, 2017. It unified 17 taxes and 13 cesses, creating a seamless national market by simplifying compliance and digitising tax systems. It also expanded the taxpayer base and strengthened cooperative federalism.
PM Modi wrote on X: “By reducing the compliance burden, it (GST) has greatly improved the ease of doing business, particularly for small and medium enterprises. GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India’s market.”
In 2024-25, gross GST collections hit a record Rs 22.08 lakh crore, marking a year-on-year growth of 9.4 per cent. This rise reflects the growing formalisation of the economy and improved tax compliance. (KNO)