During the inauguration ceremony of Tripura’s new Customs and Goods and Services Tax (GST) Bhavan at Netaji Chowmuhani on Friday, India’s Finance Minister Nirmala Sitharaman revealed a significant milestone for the state’s revenue collection. Tripura’s GST collection has experienced an impressive surge, rising from Rs 8.21 Crore in 2016-17 to a remarkable Rs 982.50 Crore in the financial year 2022-23.
The Finance Minister commended the state’s efforts in enhancing GST compliance and revenue generation. The substantial increase in GST collection over the years indicates the success of the government’s endeavors to streamline tax administration and boost economic growth in Tripura.
Speaking at the event, FM Sitharaman said, “Tripura’s remarkable achievement in increasing GST collection is a testament to the state’s commitment to economic development and financial prudence. The new Customs and GST Bhavan will further strengthen the administration’s capacity to facilitate trade and ensure smooth tax compliance.”
The state-of-the-art Customs and GST Bhavan is equipped with modern facilities and advanced technology to streamline customs and tax-related processes. It will serve as a hub for businesses and traders, providing a seamless experience for GST registration, filing, and other compliance activities.
The Finance Minister emphasized the role of technology in driving transparency and ease of doing business, stating that the central government is committed to supporting states in adopting digital solutions for efficient tax administration.
The new facility will play a crucial role in optimizing revenue collection and enabling smoother trade transactions. It is expected to foster economic growth, attract investments, and bolster the overall financial health of the state.
Tripura’s journey from a modest Rs 8.21 Crore in GST collection to nearly Rs 1000 Crore is a testament to the state’s remarkable progress and the concerted efforts of its administration in ensuring tax compliance and revenue generation.
The inauguration of the Customs and GST Bhavan marks a significant milestone in the state’s development journey, demonstrating the government’s proactive approach towards fostering economic growth and modernizing tax administration.