Agartala, July 21, 2023: The Union Finance Minister Nirmala Sitharaman highlighted the positive impact of GST on the North Eastern region, specifically in Tripura during the inauguration of the GST Bhavan here in Agartala city on Friday.

She pointed out that revenue generation in Tripura has seen a significant increase since the implementation of GST. In the fiscal year 2016-17, Tripura collected Rs 4.61 crore through central sales tax, with the state’s share amounting to Rs 4.21 crore. In contrast, during the 2022-23 fiscal year, the state’s tax share reached an impressive Rs 982.50 crore.

Sitharaman emphasized that GST operates on a consumption-based taxation model, meaning the more a state consumes, the higher its GST collection. As a result, revenue collection in Tripura has witnessed remarkable growth post-GST implementation.

The Finance Minister stressed the importance of embracing GST, as avoiding it could adversely impact trade. She urged officials to adopt two-pronged strategies to assist urban assesses and reach out to people in remote areas to help them understand the benefits of GST.

She also highlighted that large companies prefer to trade with GST-registered small companies, making GST registration crucial for businesses. Furthermore, she acknowledged the role of Customs in facilitating trade between Tripura and Bangladesh.

As part of her two-day visit to the region, Sitharaman was warmly welcomed by Chief Minister Manik Saha upon her arrival at MBB Airport. She also chaired a closed-door crucial meeting with rural bank heads at a city-based hotel here on Friday evening.

On Saturday, the union minister plans to visit the Integrated Checkpost in Sepahijala district’s Srimantapur under Sonamura sub-division to assess bilateral trade facilities.