New Delhi: The average monthly collection of Goods and Services Tax (GST) in the current fiscal has increased to Rs 97,100 crore from Rs 89,700 crore last year, Finance Minister Piyush Goyal said on Friday. He said that in spite of major rate reductions and relaxations, revenue trends are encouraging. The average monthly tax collection in the current year is Rs 97,100 crore per month as compared to Rs 89,700 crore per month in the first year,” Goyal said.
The state revenues, he said, are improving with guaranteed 14 per cent annual revenue increase for the first five years from the implementation of GST. The Goods and Services Tax (GST) was rolled out on July 1, 2017 and has consolidated over a dozen central and state levies.
Goyal added that GST has resulted in increased tax base, higher collections and ease of trade. , “This will reduce the interface between the tax payer and the government for day-to-day operations and assessments. Now returns are fully online and e-way bill system is in place,” he said.
Goyal said with the introduction of GST, inter-state movement of goods has become faster, more efficient, and hassle free with no entry tax, check posts, and truck queues. The minister also said that GST rate has been continuously reduced, providing relief of about Rs 80,000 crore annually to consumers. Most items of daily use for the poor and middle class are now in the zero per cent or 5 per cent tax slab, he said.
“Our government wants the GST burden on home buyers to be reduced and accordingly we have moved the GST Council to appoint a group of ministers to examine and make recommendations in this regard at the earliest,” he added. Further, he said more than 35 lakh small traders, manufacturers and service providers will benefit from the trader-friendly measures. “Soon, businesses comprising over 90 per cent of GST payers will be allowed to file quarterly return,” Goyal said.