The Goods and Services Tax was introduced to create a unified national market by replacing multiple indirect taxes with a single levy, eliminating the complexities of the previous VAT regime. Implemented in July 2017, it gave a major fillip to domestic trade by simplifying internal commerce and broadening the tax base.India’s GST collections surpassed ₹20.14 trillion in 2023-24, reflecting the economy’s resilience and the tax’s effectiveness across states. So far 2024-25, gross GST collection stood at ₹20.13 trillion.
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