{"id":28555,"date":"2018-10-24T12:58:49","date_gmt":"2018-10-24T07:28:49","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28555"},"modified":"2018-10-24T12:58:49","modified_gmt":"2018-10-24T07:28:49","slug":"gst-monthly-revenue-will-exceed-rs-1-1-lakh-cr-goyal","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/gst-monthly-revenue-will-exceed-rs-1-1-lakh-cr-goyal\/","title":{"rendered":"GST monthly revenue will exceed Rs. 1.1 lakh cr: Goyal"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindu.com\/todays-paper\/gst-monthly-revenue-will-exceed-rs-11-lakh-cr-goyal\/article24307347.ece\"><strong>GST monthly revenue will exceed Rs. 1.1 lakh cr: Goyal<\/strong><\/a><\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ol>\n<li>According to the finance minister Piyush Goyal, revenue from GST will exceed Rs 1.1. lakh crore.<\/li>\n<\/ol>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1706 size-full\" src=\"https:\/\/i0.wp.com\/currentaffairs.forumias.com\/wp-content\/uploads\/2018\/07\/GST-image.jpg?resize=660%2C584\" alt=\"\" width=\"660\" height=\"584\" \/><\/p>\n<p><strong><u>Important facts<\/u><\/strong><u>:<\/u><\/p>\n<p>2. He expects about 13 lakh crore of revenue this fiscal.<\/p>\n<p>3. There was scope for further rationalization of the tax rates if tax compliance improved and e-way bill system settled down, minister added.<\/p>\n<p>4. Recently, the Goods and Service Tax (GST) has completed one year of its implementation. GST was launched on 1<sup>st<\/sup>July 2017<\/p>\n<p><strong><u>5. About GST:<\/u><\/strong><\/p>\n<ul>\n<li>GST is a single tax on the supply of goods and services<\/li>\n<li>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<\/li>\n<li>GST is applied to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas and alcohol for human consumption<\/li>\n<li>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.<\/li>\n<li>\u2018Dual\u2019 GST Model:<\/li>\n<\/ul>\n<p>6. Central GST (CGST) levied by Centre<\/p>\n<p>7. State GST (SGST) levied by State<\/p>\n<p>8. Integrated GST (IGST) \u2013levied by Central Government on inter-State supply of goods and services.<\/p>\n<p>9. UTGST \u2013 Union territory GST, collected by union territory government<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1707 size-full\" src=\"https:\/\/i0.wp.com\/currentaffairs.forumias.com\/wp-content\/uploads\/2018\/07\/list.png?resize=478%2C291\" alt=\"\" width=\"478\" height=\"291\" \/><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/gst-monthly-revenue-will-exceed-rs-1-1-lakh-cr-goyal\/\">Continue reading <span class=\"screen-reader-text\">GST monthly revenue will exceed Rs. 1.1 lakh cr: Goyal<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28555","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704906336},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28555"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28555\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}