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Thursday, June 13, 2024

Post-GST Revenue significantly increases into Triple Digits in Tripura: Union Finance Minister


BY TC News Desk

Agartala, July 21 – Union Finance Minister, Nirmala Sitharaman, lauded Tripura’s remarkable growth in interstate trade following the implementation of GST, as the state’s revenue soared into triple digits from previously being in single digits.

During the inauguration of the GST Bhavan in Agartala, the Union Minister highlighted the consumption-based nature of GST, wherein increased consumption leads to higher GST collections for the state. She cited the remarkable transformation in Tripura’s revenue figures as evidence of the positive impact of GST on the northeastern region.

“Prior to the introduction of GST, Tripura received a meager Rs 4.21 crores as Central Sales Tax Collection, with the state’s share also being the same. However, in the 2022-23 Financial Year, Tripura’s revenue from interstate trade skyrocketed to an impressive Rs 982.50 crores within just 5 to 6 years. This significant surge in revenue has facilitated interstate trade and brought about tangible benefits to the state’s economy”, she said.

Recognizing the need for greater coordination and collaboration to sustain this growth, the Finance Minister stressed that Tripura requires more revenue sources. She encouraged small businesses to enroll in the GST system to avail themselves of the various benefits offered to GST-registered companies. Large corporations prefer dealing with GST-compliant institutions, making it essential for more businesses to join the GST fold.

To achieve this, the Finance Minister urged outreach programs, involving the state government, to educate and encourage more institutions, trade bodies, and associations to enroll in GST. By bringing more participants into the GST system, Tripura can continue to flourish and contribute significantly to the region’s economic progress.

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