The Goods and Services Tax Network (GSTN) has recently announced its intentions to make more tax data available to the public. According to a statement released by ASSOCHAM, an esteemed industry body, GSTN’s Chief Executive Manish Kumar Sinha revealed that a committee is currently considering the inclusion of additional geographical and industry-related information in the public domain. This move is poised to offer valuable insights into the patterns and dynamics of various sectors, further empowering businesses, academics, and policymakers alike.
By granting access to granular GST data, a wealth of information will become readily available. Businesses will be able to gain deeper insights into geographical locations that exhibit substantial export potential, areas with high consumption rates, and regions actively engaging in inter-state trade across diverse product and service categories. Such comprehensive knowledge will prove immensely valuable for organisations when planning their operations and logistics arrangements. With a clearer understanding of market demands and trends, businesses can align their strategies more effectively, ultimately enhancing their competitiveness.
The advantages of sharing this data extend beyond the business realm. Academics and policymakers stand to benefit greatly from the wealth of information that will be made accessible. Researchers can conduct in-depth studies and analyses based on this vast pool of data, leading to a better understanding of the economic landscape and aiding the formulation of evidence-based policies. The integration of academic research with real-world data has the potential to drive innovation, foster economic growth, and shape the trajectory of various industries.
In addition to the announcement from GSTN, Shashank Priya, Member (GST) of the CBIC, shared positive insights regarding the progress of the GST law. Priya highlighted the significant increase in the number of registered taxpayers, indicating the growing acceptance and understanding of the GST framework among both businesses and officials. The GST law, once perceived as complex, has now stabilised and become familiar to its stakeholders.
The decision to expand the availability of GST data to include more geographical and industry-specific information is a commendable step forward. The enhanced access to granular data has the potential to revolutionise business operations, empower academic research, and facilitate evidence-based policymaking. By leveraging the power of data analytics and informed decision-making, India’s GST system can continue to strengthen, driving economic growth and positioning the nation as a global economic force.
