Budget 2019: GST turns out to be game changer, avg monthly tax collection at Rs 97,100 cr

The Goods and Services Tax (GST) reform initiated by the Modi government has turned out to be a game changer for the nation’s economy with average tax collection in the current financial year witnessing a major surge at Rs 97,100 crore per month as compared to Rs 89,700 crore per month in the first year when the GST was introduced in July 2017.

New Delhi: The Goods and Services Tax (GST) reform initiated by the Modi government has turned out to be a game changer for the nation’s economy with average tax collection in the current financial year witnessing a major surge at Rs 97,100 crore per month as compared to Rs 89,700 crore per month in the first year when the GST was introduced in July 2017. "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," said Union Minister for Finance, Corporate Affairs, Railways, and Coal Goyal, while presenting the interim Budget for 2019-20 in the Lok Sabha on Friday. "The State revenues are improving with guaranteed 14 per cent annual revenue increase for the first five years," he added. "The GST Council would appoint a Group of Ministers (GoM) to examine and make recommendations to reduce GST burden on the home buyers," said the Finance Minister. "GST, the biggest taxation reform, led to increase in tax base, higher collections and ease of trade," said Union Minister for Finance, Corporate Affairs, Railways, and Coal Goyal, while presenting the interim Budget for 2019-20 in the Lok Sabha on Friday. "Rates continuously reduced providing relief of about Rs 80,000 crore annually to consumers, while most items of daily use of poor and middle class now in the zero per cent or 5 per cent tax slab," he said. "The Goods and Services Tax (GST) reforms lingered on during the previous government for almost a decade. Our government implemented the GST, which is undoubtedly the biggest taxation reform undertaken since Independence," he said. "Seventeen different taxes levied by the Central and State/UT governments with cascading effect of the tax on tax were consolidated into one GST. India became a common market. GST has resulted in the increased tax base, higher collections, and ease of doing business," he said.