Speed Post News Network
New Delhi : GST, a historic tax reform, was introduced on July 1, 2017. Over the years, there has been reduction in the tax rates, simplification of procedures, and a growing economy has also led to an exponential increase in the tax base.
GST revenues have steadily grown and have been above the Rs 1 lakh crore mark for eight consecutive months in a row. On the eve of completion of 4 years of the GST, it has been decided to honour the tax payers who have been a part of the GST success story, according to a PIB release.
A data analytics exercise was hence undertaken by the Central Board of Indirect Taxes and Customs to identify taxpayers who have made substantial contribution in payment of GST in cash along with timely filing of returns. As a result, 54,439 (Fifty-Four Thousand Four Hundred and Thirty-Nine) taxpayers have been identified. More than 88% of these taxpayers are from Micro (36%), Small (41%), and Medium enterprises (11%) representing a wide spectrum sectors involved in the supply of goods & services spread across all States/UTs.
While it is widely acknowledged that the Nation meets its obligations towards spending in various social sectors and welfare schemes and infrastructure development out of revenues mobilised through tax payments by millions of honest tax payers, this step marks the first effort by the Government to directly communicate to the GST taxpayers for their contribution.
As an acknowledgment, the Central Board of Indirect Taxes and Customs will be issuing certificates of appreciation to these taxpayers. Goods and Services Tax Network (GSTN) will be sending out the certificates of appreciation to individual tax payers by e-mail.The taxpayers will be able to print and display these certificates.