GST Evolution: A Milestone in India's Economic Landscape

The Goods and Services Tax (GST), marking its eighth year, has streamlined India's tax system, fostering ease of business, economic inclusion, and stronger compliance. Since its 2017 launch, GST has unified 17 taxes, spurred tax collection growth, and transformed taxation with technology, enhancing India's economic transparency and efficiency.

The Goods and Services Tax (GST) enters its ninth year, marking significant milestones in enhancing India's economic landscape. Initially introduced in 2017, GST united 17 taxes under a singular system, simplifying the nation's complex taxation framework, and fostering a seamless national market. Over eight years, it has pushed for greater business efficiency and economic inclusivity.

Recent reports from the finance ministry reveal exponential growth in GST collections, with records showing revenues nearly tripling from Rs 7 lakh crore in FY 2017-18 to Rs 22 lakh crore in FY 2024-25. This consistent double-digit growth stems from a maturing, technology-driven tax ecosystem, reflecting better compliance, reduced financial leakages, and lowered taxpayer burdens.

The GST system, characterized by standardised tax slabs and a centralised digital platform, has significantly cut compliance costs. The high compliance rate with over 162 crore GST returns filed as of May 2025 underscores the growing trust and widespread adoption of this digital-first approach, positioning GST as a cornerstone of India's economic reform.

(With inputs from agencies.)