Sundararaman, Managing Director, M/s Shiva Texyarn Limited also addressed the gathering and acknowledged the work done by the Departmental Officers
Representational Image. Pic Courtesy/iStock
As the Goods and Services Tax (GST) legislation completed seven years today, a 'GST Day' event was celebrated at the GST and Central Excise Commissionerate, Coimbatore on Monday, on the theme of 'Strong Business and Overall Development.'
The GST laws were implemented on July 1, 2017, replacing a complex web of Central and State taxes.
ADVERTISEMENT
K Ramakrishnan, IRS Commissioner of GST and Central Excise, Coimbatore, presided over the function held at GST Bhavan, Race Course Road, Coimbatore.
N Rengaraj, IRS, the Principal Commissioner of Income Tax, Coimbatore was the Chief Guest, SK Sundararaman, Managing Director, M/s Shiva Texyarn Limited and Chairman, The South India Mills Association was the Guest of Honour, Banoth Mrugender Lal, IAS, Joint Commissioner (CT), was the Guest of Event.
Additionally, various business tycoons, businessmen, auditors, accountants, Central and State Government officials participated and graced the function.
K Ramakrishnan delivered the keynote address, during which he said the GST Network has empowered both taxpayers and tax officials, creating a more efficient, transparent, and user-friendly system by acting as a one-stop platform.
"The number of taxpayers in GST and Central Excise Commissionerate, Coimbatore has increased from 26,744 in July 2017 when GST was introduced, to 81.552 in 2023-2024. This is about a 204 per cent increase in the tax base since the introduction of GST. Also, the tax revenue of the Commissionerate in 2017-18 was Rs 1106 crore which has increased to Rs 3390 crore in 2023-24. This is a 206 per cent increase over the GST tax revenue collected when compared with the year 2017-18," he said.
Banoth Mrugender Lal, IAS, Joint Commissioner (CT), during his address, informed that there are approximately 77,000 assesses in Coimbatore State GST spread across 36 Circles. The gross revenue for the previous financial year was Rs 3,810 Crores.
Sundararaman, Managing Director, M/s Shiva Texyarn Limited also addressed the gathering and acknowledged the work done by the Departmental Officers.
He informed that 1 per cent of GST shows 0.6 per cent of economic growth. Being the representative of the Textile Industry, he informed that the textile industry is coming back after the recession and 46 per cent of the spinning and weaving capacity is in Tamil Nadu.
Chief Guest, N Rengaraj, during his address, highlighted the relationship between the CBIC and CBDT. since both come under the same Ministry.
He also reported that the CBIC and CBDT had signed a Memorandum of Understanding in the year 2020 for the sharing of data. The Income Tax department has also amended the Form 3CB to incorporate GST Data.
During the event, high revenue achievers in terms of tax payment, entrepreneurs and exporters who performed well were felicitated and honoured at this function. Additionally, two large taxpayers, two medium taxpayers, two small taxpayers and two exporters were honoured, the release added.
'Samman Patra' was issued to 15 officers for their meritorious service including 1 officer in the rank of Deputy Director (Cost). Two officers who excelled in Sports were also felicitated.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
