GST monthly revenue will exceed Rs. 1.1 lakh cr: Goyal

GST monthly revenue will exceed Rs. 1.1 lakh cr: Goyal

News:

1. 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 1^stJuly 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