Page 23 - NIS English 01-15 July,2023

6 Years of GST Cover Story

India became the world's fifth largest economy: In the year 2014, India was a $ 2 trillion
economy, which increased to become an economy of about $ 3.75 trillion in 2023. Not
only this, India jumped from being the 10th largest economy to becoming the 5th larg-
est economy leaving behind England in the same period.

America 26,854
19,374
China
Japan 4,410
4,309
Germany
India 3,737
Country England 3,159

France 2,924
2,089
Canada
Russia 1,840
1,550
Australia

GDP, in billion dollars

were passed unanimously. The GST Council was
presented with the relevant rules and regulations. The central government
They were unanimously approved. has given Rs 5,55,121 crore
GST is New India's current tax system. This is
a tax system of Digital India. It is not only about from 2017-18 to 2022-
making business easier, but also about giving 23 as compensation to
business direction. This is not only a tax reform,
but also a critical step towards economic reform. states for the shortfall in
Beyond economic reform, it is ushering in a new revenue due to GST.
era of social reform, culminating in a celebration
of honesty. That is why Prime Minister Modi says,
"GST in the language of law—also known as Goods
and Services Tax." However, because of the benefits
that will be obtained, it is a Good and Simple Tax.
We have freedom from what used to be levied. It is
simple because there will only be one form in the
entire country; there will only be one system, and it
will operate in accordance with that system. Today,
India is also one of the few countries where major
tax reforms have been smoothly implemented. All
checkpoints were removed overnight. The input
tax credit system has ensured that all necessary
information is available. The GST has greatly

New India Samachar July 1-15, 2023 21