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GST monthly revenue will exceed Rs. 1.1 lakh cr: Goyal
News:
- According to the finance minister Piyush Goyal, revenue from GST will exceed Rs 1.1. lakh crore.
Important facts:
2. He expects about 13 lakh crore of revenue this fiscal.
3. There was scope for further rationalization of the tax rates if tax compliance improved and e-way bill system settled down, minister added.
4. Recently, the Goods and Service Tax (GST) has completed one year of its implementation. GST was launched on 1stJuly 2017
5. About GST:
- GST is a single tax on the supply of goods and services
- It is considered to be a destination based tax as it is applied on goods and services at the place where final/actual consumption happens
- GST is applied to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas and alcohol for human consumption
- There are four slabs for taxes for both goods and services- 5%, 12%, 18% and 28%. Although GST aimed at levying a uniform tax rate on all products and services, four different tax slabs were introduced because daily necessities could not be subject to the same rate as luxury items.
- ‘Dual’ GST Model:
6. Central GST (CGST) levied by Centre
7. State GST (SGST) levied by State
8. Integrated GST (IGST) –levied by Central Government on inter-State supply of goods and services.
9. UTGST – Union territory GST, collected by union territory government
