Buoyant GST collection shows that we are on path to economic recovery: Union Minister of State for Finance, Dr. Bhagwat Karad

Exceeding expectations of Rs. 1 lakh crore GST collection, we have achieved Rs. 1.30 lakh GST collection; this shows that we are on the path to economic recovery. This was stated by the Union Minister of State for Finance Shri Bhagwat Karad in Pune today. He was addressing the National Tax Conference, organized jointly by Maharashtra Tax Practitioners Association, All India Federation of Tax Practitioners, Goods and Service Tax Practitioners Association of Maharashtra and North Maharashtra Tax Practitioners Association.

The conference discussed issues including appeal under GST, faceless tax assessment. The Minister noted that it is a welcome practice to organize such conferences on a regular basis.

The Minister said that the Prime minister has advised us to focus on the three pillars of financial inclusion, financial literacy and digital transaction. He recalled the words of former president Late Dr. APJ Abdul Kalam that taxpayers are nation builders. “India’s national budget which used to be Rs. 17 lakh crore 7 years ago has more than doubled under the guidance of Prime Minister Shri Narendra Modi. This was made possible because of honest taxpayers; tax practitioners are chief motivators for this compliance.”

The Union Minister said that we have to keep taking precautions against COVID-19, though a third wave of corona is unlikely.

Shri Karad added that there were some hiccups in GST implementation when it was introduced four years ago, but with feedback and suggestions from tax practitioners these problems are being ironed out gradually. “The aim is to make a New India which has health, wealth and infrastructure. Finance is the most important part of it. Our aim is to create clean and clear system which brings transparency in tax collection.”

President of CREDAI, Satish Magar; Chairman of  MTPA, Shri Narendra Sonawane; Shri Sreeniwas Rao of AIFTP; President of MTPA, Shri Manoj Chitalikar were present on  this occasion.

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