Finance Minister Piyush Goyal said Revenue from the Goods and Services Tax (GST) will exceed ₹1.1 lakh crore monthly. Adding that he expects about ₹13 lakh crore of revenue from the new tax regime over this financial year.
“I assure you that average monthly GST collection will cross ₹1.10 lakh crore,” Mr. Goyal said, speaking at the government’s ‘GST Day’ celebrations to mark one year of the indirect tax regime. “I feel more than ₹13 lakh crore revenue will come from GST this fiscal.”
“The more people get into the honest and transparent system and with the success of e-waybill system, we will be in a better position to rationalize tax slabs,” Mr. Goyal said. “The different rate slabs were kept after considering the social structure of the nation. Is it proper to tax luxury cars and items of common items used by poor people?”
“Both Rahul Gandhi and P. Chidambaram have repeatedly demanded that petroleum products be brought within the GST,” Mr. Jaitley wrote. “When I speak to the Congress Finance Ministers in the States, they don’t seem to be ready for it. But what was the UPA’s own track record on petroleum products…? The constitutional amendment proposed by the UPA permanently kept all petroleum products outside the GST.”
“I worked out a formula that petroleum products would be included in the amendment providing for the GST, but the Council can decide the date from which to bring them into GST,” Mr. Jaitley added. “For this, I would continue to make my earnest efforts and hopefully when the States are more comfortable with the revenue position, it would be an ideal time to strike for a consensus between them.”
Finance Secretary Hasmukh Adhia, in his address, said the implementation of GST in India was a success because there was no impact on inflation, GDP growth, and “hardly any” impact on revenue collections.