GST, ban on black money stashed in 18 lakh people
The government is encouraging digital transactions rather than cash. With this, GST Tax System has been implemented. He said that the number of indirect taxpayers has increased by 50 percent.
New Delhi: India has informed the United Nations (UN) that 18 lakh new people of the country have come under the purview of income tax under the implementation and ban of goods and services tax (GST). Additional Secretary A. Gitesh Sharma in the Ministry of External Affairs gave this information in a program of ECOSOC Forum. He said that India is currently implementing several reforms.
He said yesterday that the government is encouraging digital transactions rather than cash. With this, GST Tax System has been implemented. He said that the number of indirect taxpayers has increased by 50 percent.
Sharma said that 18 lakh people have come under the purview of the closure of large-value notes and implementation of GST. He said that India remains on its stand on fundamental principles of world trade.
Government raised Rs 7.41 lakh crore from GST
This Includes Rs.1.19 lakh Crore of CGST, Rs.1.72 lakh Crore of SGST, and Rs.3.66 lakh Crore of IGST (including Rs. 1.73 Lakh Crore on Imports) and Rs. 62,021 crore of cess (including Rs. 5702 crore on imports).
During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 Lakh Crore .
From the July 1, 2017, on the lines of 'One Country One Tax', the government has raised Rs 7.41 lakh crore in 2017-18 from the goods and services tax (GST). The Finance Ministry has given this information today. It is noteworthy that many taxes, including excise duties and VAT respectively of the Central and the States, have been included in the GST.
"In the August-March period of 2017-18, the total tax collection was Rs 7.19 lakh crore," the finance ministry said in a tweet. Inclusion of the tax collection of July 2017, the total GST collection has been temporarily at Rs 7.41 lakh crore in 2017-18.
In this, 1.19 lakh crores received from Central GST (CGST), Rs 1.72 lakh crore from State GST (SGST), Rs 3.66 lakh crore of unified GST (IGST) (including Rs 1.73 lakh crore from import) and cess 62,021 crore rupees (which includes Cess Rs 5,702 crore) on import. During the August-March period, the average monthly GST collection was Rs 89,885 crore.
In the eight months of 2017-18, a total of Rs 41,147 crore has been given to the states as compensation. Under the GST Act, due to this new tax system, the government will compensate the revenue of the revenue for five years. For this special cess has been implemented on luxury and harmful consumer goods. For calculating revenue loss, the basis of tax deduction for 2015-16 is based on the average collection of average 14%.
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