New Delhi ,dec 13
The Goods and Services Tax (GST) collections have gone up by 9.3 per cent so far in the current fiscal 2024-25 to Rs 14.56 lakh crore. In the April-November period of last year, the tax mop-up was Rs 13.32 lakh crore.The surge in recent GST collections reflects a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country’s fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties.In April this year, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, an 11.7 per cent increase compared to the previous fiscal year.The Goods and Services Tax was introduced in the country with effect from July 1, 2017.
To give relief to common people, GST on Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wristwatches; TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero level.
In the last GST Council meeting in September, tax rates for salted products were slashed from 18 per cent to 12 per cent; tax cut from 12 per cent to 5 per cent on three key cancer drugs.In the June meeting, a uniform rate of 5 per cent IGST was imposed on imports of aircraft parts and tools to boost MRO activities; uniform 12 per cent GST on all milk cans (of steel, iron, and aluminium irrespective of their use); reduced GST rates on paper-based cartons, boxes, and cases.Also, to give relief to the taxpayers, the Central Board of Indirect Taxes has relaxed rules to ensure that accrued interest and penalties are avoided for GST demands for 2017-18 to 2019-20 by paying the full tax amount due by March 2025.
