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Finance Minister Nirmala Sitharaman has said Goods and Services Tax (GST) has helped bring down the taxes for consumers by removing the cascading effect of ‘tax-on-tax’ and added to the revenue buoyancy of states.
She said the GST system has seen massive scaling up since its implementation on July 1, 2017, and the benefit accrued to consumers and governments because of GST implementation is an “exemplar”.
“GST has brought in greater tax buoyancy as a result of which, more than your GSDP growth, your tax collection is growing. Therefore, both Centre and states benefit…We have to dispel this myth that states are losing out after having joined hands for GST…Today, no state suffers after GST, and that is despite Covid,” Sitharaman said.
