The Finance Ministry recently released a report on the Goods and Services Tax (GST) collection for the first four months of the current financial year. According to the report, Chandigarh has witnessed a significant increase in GST collection. In July 2023, the total GST collection from Chandigarh amounted to Rs 217 crore, compared to Rs 176 crore in July of the previous year. This indicates a growth of approximately 23 percent in revenue for this year. The increase in GST collection is a positive sign for the economy as it reflects higher consumption and economic activity in Chandigarh. The rise in revenue can be attributed to various factors, such as increased compliance by businesses, improved tax administration, and overall economic growth.
The GST system, implemented in India in 2017, aims to streamline the indirect taxation structure by replacing multiple taxes with a single unified tax. It has been instrumental in simplifying the tax regime, reducing tax evasion, and promoting transparency in the taxation system.