Tripura's interstate trade flourishes post-GST, revenue soars to triple digits: Union FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on July 21 said that the interstate trade in Tripura has now been greatly facilitated as the post-GST collection and revenue generation of the state has been extremely favourable. 

The revenue number has increased to three digits, whereas previously it was in single digits.

While inaugurating GST Bhavan in Agartala, the Union Minister said that GST is a consumption-based tax and the more state consumes the more GST is collected from there. 

“Tripura before the GST was introduced received only Rs 4.21 crores as Central Sales Tax Collection and from that collection Tripura’s share was 4.21 crores. Whereas in the 2022-23 Financial Year Tripura collects Rs 982.50 crores from interstate trade within a matter of 5 to 6 years. So post GST collection and revenue generation for Tripura has been extremely favourable where it was single digit and now has gone to three digits in crores. Interstate trade has now been greatly facilitated and therefore I think it is showing how GST has actually meant good for the NE region and Tripura’s number is almost enviable”, she said.

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The Finance Minister said that Tripura needs a lot more sources but the fact that within six years under the same head, the state is getting so much more the need for greater coordination through the GST. 

“More business has come to the system. However, with a bhavan like this and which is kept the citizen in mind I would think it is necessary for all to do a outreach along with the state government. So that more small business understands that they stand to take benefits by enrolling the GST. By staying away many of the benefits which are accruing to the GST-registered companies are not available if they stay out. Even if they are composed they still derived a lot of benefits. Large companies don’t want to buy or procure goods and services from Non-GST institutions. It will do well for more and more institutions to come into the GST fold for which it will be important to call upon the trade, small associations, and big associations and interact with them and say through their member to get enrol and for which the state government also should be requested to cooperate and to draw more people from Tripura”, said the Union Minister.