India&rsquo;s landmark Goods and Services Tax (GST) completes eight years on July 1, having transformed the indirect tax landscape since its rollout in 2017. In 2024&ndash;25, GST collections hit a record ₹22.08 lakh crore, a 9.4% year-on-year growth, with average monthly collections reaching ₹1.84 lakh crore. The taxpayer base has expanded to over 1.51 crore.
Initially launched by Prime Minister Narendra Modi as &ldquo;a path-breaking legislation for New India,&rdquo; GST has consolidated numerous taxes into one, streamlining compliance and reducing tax burdens.
According to a Deloitte survey, 85% of taxpayers reported a positive experience, praising GST for improving transparency and ease of doing business. Over the years, collections have risen steadily&mdash;from ₹11.37 lakh crore in 2020&ndash;21 to ₹20.18 lakh crore in 2023&ndash;24.
The reform has also benefitted consumers and businesses alike. Tax rates on essential goods like cereals, edible oils, and snacks have declined, contributing to household savings of up to 4% monthly. Logistics efficiency has improved, reducing transport time by over 33% and cutting fuel costs.
GST has especially helped small businesses. The exemption threshold was raised from ₹20 lakh to ₹40 lakh, easing compliance pressure on micro and small enterprises.
The Deloitte report GST@8 credited the government&rsquo;s reforms, taxpayer support, and portal upgrades for this growth. GST&rsquo;s impact continues to be felt in higher compliance, wider tax base, and a more robust economy. [Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed]

GST Turns 8 with Record ₹22 Lakh Cr Collections

Eight years on, GST boosts revenue, eases business, earns 85% taxpayer satisfaction

GST Turns 8 with Record ₹22 Lakh Cr Collections

Eight years on, GST boosts revenue, eases business, earns 85% taxpayer satisfaction

June 30, 2025 | 14:42 IST