A preliminary analysis of the Goods and Services Tax (GST) data reveals that there has been a 50 per cent increase in the number of indirect taxpayers, according to the Economic Survey 2017-18 presented on Monday in the Parliament by Finance Minister Arun Jaitley.
Jaitley informed the House that as on December 2017, there were 9.8 million unique GST registrants, slightly more than the total Indirect Tax registrants, under the old system (where many taxpayers were registered under several taxes).
Therefore, adjusting the base for double and triple counting, the GST has increased the number of unique indirect taxpayers by more than 50 per cent –a substantial 3.4 million.
The profile of new filers is interesting of their total turnover, business-to-consumer (B2C) transactions account for only 17 per cent of the total.
It also underlines that the distribution of the GST base among the States is closely linked to the size of their economies, allaying fears of major producing States that the shift to the new system would undermine their tax collections.
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