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Revenue from the Goods and Services Tax (GST) will exceed $ 1.1 billion per month, Finance Minister Piyush Goyal announced Sunday, adding that he expects about £ 13 million from new tax regime for this year.
"I badure you that the average monthly collection of GST will reach 1.10 billion crores," said Goyal, during the GST's "GST Day" celebrations to mark a year of indirect taxation. "I think more than 13 billion yuan will be generated by the GST in this fiscal year."
The Minister of Finance added that it was possible to further rationalize tax rates if tax compliance improved and the e-waybill system
"More people enter in the honest and transparent system and with the success of the e-waybill system, we will be in a better position to rationalize the tax slabs ". Goyal said. "The various rate slabs have been preserved after considering the social structure of the nation.Is it appropriate to tax luxury cars and common objects used by the poor?"
This argument has been made several times by the Minister of Finance. Union Arun Jaitley while he was occupying the finance portfolio, and by Prime Minister Narendra Modi Mr. Jaitley also addressed the event by video conference, and wrote a ticket on the first year of the GST, inviting Congress to request the inclusion of petroleum products under the GST
"Rahul Gandhi and P. Chidambaram I have repeatedly asked that petroleum products be included in the GST, "Jaitley wrote." When I he is talking to congressional finance ministers in the United States, they do not seem to be ready for it. But what was the UPA's record of petroleum products …? The amendment to the Constitution proposed by the UPA has permanently maintained all petroleum products out of the GST. "
" I developed a formula that petroleum products would be included in the GST amendment, but the Board can decide the date from which to import them into the GST ", Mr. Jaitley added: "For that, I would continue to make my best efforts and hope that when states are more comfortable with the revenue position, it would be the perfect time to find a consensus between them. "
this argues in favor of a single tax rate under the GST only in economies where the" entire population has a similar and superior level of payment capacity "; which is not the case in India.
Hasmukh Adhia said that the implementation of the GST in India was a success because it had no impact on inflation, GDP growth and "virtually no" impact on revenue.
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