New Delhi: According to a recent statement by the industry association Assocham, the Goods and Services Tax Network (GSTN), the entity responsible for processing GST returns, is considering the release of additional tax-related data concerning geographical and industrial aspects. The Chief Executive of GSTN, Manish Kumar Sinha, expressed this potential development.
A dedicated committee is actively discussing the expansion of public data to encompass more dimensions, enhancing insights into geographical and industry-specific nuances through the lens of GST data. Speaking at an event, Sinha highlighted the committee’s endeavors.
The meticulous information available through GST data can offer valuable insights into the regions that prominently partake in exporting, consuming, and engaging in inter-state trade of diverse goods and services. The application of such insights holds great promise for businesses in fine-tuning their operational and logistical strategies. Furthermore, the academic and policy-making circles could also leverage this data to their advantage.
During the same event, Shashank Priya, a Member (GST) of the Central Board of Indirect Taxes and Customs (CBIC), indicated that the number of registered taxpayers has surged to approximately 1.40 crore from the initial count of 67.83 lakhs at the inception of GST.
“The indigenously developed GST law has now attained stability. What once appeared intricate at the outset is now comprehended proficiently by both the trading community and officials,” remarked Priya, underlining the evolution of the GST law.