CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India’s Goods and Services Tax (GST) system, introduced in July 2017, has reached a significant milestone with record-breaking revenue collections in the financial year 2024–25. The gross GST revenue surged to Rupees 22.08 lakh crore, reflecting a doubling of collections from Rupees 11.37 lakh crore in FY21. This growth is a testament to India’s strong post-pandemic economic recovery, increased consumption, and enhanced efficiency within the GST framework.
As the GST regime completes eight years on July 1, 2025, India has achieved its highest-ever annual GST collection, solidifying the tax system's role as a cornerstone of the country’s fiscal strategy. The steady growth in both monthly and annual collections highlights greater tax compliance, transparency, and the deepening of India’s formal economy.
Key GST Collection Highlights (FY25)
Total GST Collected in FY25: Rupees 22.08 lakh crore (All-time high)
Annual Growth:
9.4% increase from FY24’s Rupees 20.18 lakh crore
Nearly double the FY21 figure of Rupees 11.37 lakh crore
Monthly Average: Rupees 1.84 lakh crore per month
Record Monthly Collections:
April 2025: Rupees 2.37 lakh crore (highest ever in a month)
May 2025: Rupees 2.01 lakh crore
June 2025: Data to be published soon
Rise in GST Taxpayer Base
2017: Approximately 65 lakh registered GST taxpayers
2025: Over 1.51 crore taxpayers more than double the initial count
This surge in registrations reflects wider formalisation and improved voluntary compliance in the economy.
Structural Reform And Simplification
The GST system streamlined the Indian indirect tax regime by replacing:
17 central and state taxes
13 different cesses
All of these were merged into a unified five-slab tax structure, improving ease of doing business and reducing tax complexity for companies and individuals.
Impact & Fiscal Significance In FY25
Economic Resilience: Indicates strong recovery after pandemic-induced disruptions
Increased Formalisation: Rise in compliance and digitisation of supply chains
Revenue Boost: Strengthens the financial health of both the Central and State Governments, enabling better public expenditure and development programs
Historical Context
Launched on July 1, 2017, GST was touted as the most transformative tax reform in independent India. It was designed to:
Eliminate the cascading effect of multiple taxes
Ensure seamless input tax credits
Promote cooperative federalism between the Centre and States
This landmark performance in FY25 reaffirms GST’s growing role as a critical driver of India’s economic and fiscal policy, coinciding with its 8th anniversary.
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