Correspondent
GST Spurs Remarkable Revenue Growth in Tripura: Union Finance Minister Nirmala Sitharaman.
According to Sitharaman, the introduction of GST has had a substantial impact on revenue generation in Tripura. In the fiscal year 2016-17, the state collected Rs 4.61 crore through central sales tax, of which its share amounted to Rs 4.21 crore. Comparatively, during the 2022-23 fiscal year, the state's tax share surged impressively to Rs 982.50 crore.
The Finance Minister explained that GST follows a consumption-based taxation model, meaning that the more a state consumes, the higher its GST collection. This approach has led to remarkable revenue growth in Tripura after the implementation of GST.
Sitharaman emphasized the importance of embracing GST, as avoiding it could have adverse effects on trade. She urged officials to adopt two-pronged strategies: firstly, to assist urban assesses, and secondly, to reach out to people in remote areas and educate them about the benefits of GST. Additionally, Sitharaman pointed out that large companies prefer to trade with GST-registered small companies, underscoring the significance of GST registration for businesses. She also acknowledged the role of Customs in facilitating trade between Tripura and Bangladesh.
During her two-day visit to the region, Sitharaman received a warm welcome from Chief Minister Manik Saha upon her arrival at MBB Airport. She also presided over a closed-door crucial meeting with rural bank heads at a hotel in the city on Friday evening.
On Saturday, the Union Minister plans to visit the Integrated Checkpost in Sepahijala district's Srimantapur under Sonamura sub-division to assess the bilateral trade facilities.
The positive impact of GST on Tripura's revenue and trade relations underscores the significance of adopting and embracing this taxation model to foster economic growth in the region.