New Delhi, Jun 30 (UNI) Finance Ministry on Wednesday said Goods and Services Tax (GST) is both consumer and tax-payer friendly as while high tax rates of the pre-GST era acted as a disincentive to paying tax, the lower rates under GST helped to increase tax compliance.
Ministry of Finance tweeted, 'It is now widely acknowledged that GST is both consumer and taxpayer-friendly. While high tax rates of the pre-GST era acted as a disincentive to paying tax, the lower rates under GST helped to increase tax compliance. More than 66 crore GST returns have been filed so far.'
It said, 'GST completes four years since implementation tomorrow. GST has replaced the complex indirect tax structure with a simple, transparent and technology-driven tax regime and has thus integrated India into a single common market.'
'With the continuous simplification of procedures and rationalisation of rate structures so as to make GST compliance easy for common man as well as the trade, we have been able to achieve economic integration of the country with a humane touch,' the Ministry said.
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