GST Gave Boost to Industries: Minister

GST Gave Boost to Industries: Minister

Union Minister of State for Corporate Affairs P.P. Chaudhary said that introduction of Goods and Services Tax has resulted in an increasing trend in the number of companies’ registrations, industrial activities, sales for corporates.

In a written reply to the Lok Sabha, Chaudhary said that introduction of GST was a historical step for transforming India into a common national market with a simplified tax regime.

GST was implemented w.e.f July 1, 2017 and was welcomed by industry and corporates.

The total number of companies registered during the period July, 2017 to February, 2018 (post GST) is 68,299.

The number of companies registered in the corresponding period of the previous year i.e. from July, 2016 to February, 2017 was 63,106.

Thus, the increasing trend in the number of companies’ registrations has been maintained post GST, the minister said.

The data released by RBI shows that the growth in year-on-year sales for corporates in Q2 and Q3 of 2017-18 stood at 7.2% and 11.3% respectively.

The corresponding figures for Q2 and Q3 of 2016-17 stood at 1.9% and 2.8% respectively. Thus, the growth in sales for corporates has also seen a remarkable increase in the post GST period so far, the minister added.

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