GST and Central Excise Commissionerate in Coimbatore celebrates 'GST Day'

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 DevelopmentThe GST laws were implemented on July 1 2017 replacing a complex web of Central and State taxesK Ramakrishnan IRS Commissioner of GST and Central Excise Coimbatore presided over the function held at GST Bhavan Race Course Road CoimbatoreN Rengaraj IRS the Principal Commissioner of Income Tax Coimbatore was the Chief Guest SK Sundararaman Managing Director Ms 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 EventAdditionally various business tycoons businessmen auditors accountants Central and State Government officials participated and graced the functionK 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 userfriendly system by acting as a onestop platformThe number of taxpayers in GST and Central Excise Commissionerate Coimbatore has increased from 26744 in July 2017 when GST was introduced to 81552 in 20232024 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 201718 was Rs 1106 crore which has increased to Rs 3390 crore in 202324 This is a 206 per cent increase over the GST tax revenue collected when compared with the year 201718 he saidBanoth Mrugender Lal IAS Joint Commissioner CT during his address informed that there are approximately 77000 assesses in Coimbatore State GST spread across 36 Circles The gross revenue for the previous financial year was Rs 3810 CroresSundararaman Managing Director Ms Shiva Texyarn Limited also addressed the gathering and acknowledged the work done by the Departmental OfficersHe informed that 1 per cent of GST shows 06 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 NaduChief Guest N Rengaraj during his address highlighted the relationship between the CBIC and CBDT since both come under the same MinistryHe 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 DataDuring 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 addedSamman 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 felicitatedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever