Page 23 - NIS English 01-15 July,2025

Economy | COVER STORY

GST made the way of

business easier
At midnight between 30 June and 1
July, 2017, presenting a great example
of federalism, the country turned
a 17-year journey into reality. GST
became a revolution in the world of
economics, which gave direction to the
whole country and a new dimension
to the economy. The full form of GST
is Goods and Services Tax. When
GST was implemented, Prime Minister
Narendra Modi called it a Good
and Simple Tax. Before GST, the
tax system that was applicable in the
country and states, businessmen had to
go through many types of taxes. But
now a uniform tax system is applicable
in the whole country.

22.08
Total GST Collection 20.18 1.8
Average Monthly Collection (rupees) 1.84
20 18.10 Lakh
14.83 1.65 Crore 1.6

15 Lakh
11.77 12.22 11.36 1.51 Crore 1.4
Lakh
10 Crore Average Monthly Collection (rupees)
7.19
1.24 1.2
1.02 Lakh Lakh
5 98,083 Crore 94,667 Crore
89,875 Crore Crore 1.0
Crore
0
Total GST Collection (lakh crore rupees)
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25

India, which was earlier a major importer of mobile
phones, has now become a global manufacturing Today, the country has a government that
hub. The production of mobile phones increased is ready to take the biggest risk in the
5 times from about 60 million in 2014-15 to about national interest. GST was stuck for so
330 million in 2023-2024. many years because those who were in the
government earlier could not muster the
THE MANUFACTURING SECTOR BECAME courage to take political risks. We not only
THE BACKBONE OF THE ECONOMY implemented GST but today we are seeing
The micro, small, and medium enterprises record GST collection.
sector, i.e., MSME, has been considered a
strong backbone of the Indian economy. Prime - Narendra Modi, Prime Minister

July 1-15, 2025 || NEW INDIA SAMACHAR 21