NEW DELHI: GST or Goods and Services Tax, which subsumed greater than a dozen of levies, stood as the perfect contributor for the federal government on the subject of accumulating revenues.
Hailed as the biggest tax reform since Independence, GST single-handedly contributed 32.eight in keeping with cent of the whole revenues in 2017-18, knowledge from the funds file confirmed.
Referring to public funds, Union Finance Minister Arun Jaitley stated in a post funds conference that in 2017-18 (ending March 2018), the federal government can be "receiving GST revenues only for 11 months, instead of 12 months" which "will have fiscal effect".
Revenue and Finance Secretary Hasmukh Adhia also hinted that GST revenue assortment may fall short by way of Rs 50,000 crore.
READ ALSO | Budget 2018: What can be your taxable source of revenue next 12 months
The collections within the form of corporate taxes held the second spot with 27.3 in keeping with cent share within the total revenues adopted by way of private source of revenue tax (23.3 in keeping with cent), excise (11.4 in keeping with cent) and customs (5 in keeping with cent).
As in keeping with the funds file, total revised estimates for expenditure in 2017-18 stands at Rs 21.57 lakh crore (web of GST repayment transfers to the states) as against the funds estimates of Rs 21.47 lakh crore.
READ ALSO | Budget 2018: Govt hikes defence funds by way of 7.81%
With the rollout of GST, the funds also proposes to modify the title of the Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs (CBIC).
Till the last funds, the federal government's earning could be broadly categorised into - Direct Tax (which includes private source of revenue tax and company tax) and Indirect Tax (greater than a dozen of cesses and taxes together with excise, customs, provider tax etc). But the GST implementation has subsumed all indirect taxes, except customs accountability.
READ ALSO | Have been placing extra money in arms of middle-class taxpayer: Jaitley
Hailed as the biggest tax reform since Independence, GST single-handedly contributed 32.eight in keeping with cent of the whole revenues in 2017-18, knowledge from the funds file confirmed.
Referring to public funds, Union Finance Minister Arun Jaitley stated in a post funds conference that in 2017-18 (ending March 2018), the federal government can be "receiving GST revenues only for 11 months, instead of 12 months" which "will have fiscal effect".
Revenue and Finance Secretary Hasmukh Adhia also hinted that GST revenue assortment may fall short by way of Rs 50,000 crore.
READ ALSO | Budget 2018: What can be your taxable source of revenue next 12 months
The collections within the form of corporate taxes held the second spot with 27.3 in keeping with cent share within the total revenues adopted by way of private source of revenue tax (23.3 in keeping with cent), excise (11.4 in keeping with cent) and customs (5 in keeping with cent).
As in keeping with the funds file, total revised estimates for expenditure in 2017-18 stands at Rs 21.57 lakh crore (web of GST repayment transfers to the states) as against the funds estimates of Rs 21.47 lakh crore.
READ ALSO | Budget 2018: Govt hikes defence funds by way of 7.81%
With the rollout of GST, the funds also proposes to modify the title of the Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs (CBIC).
Till the last funds, the federal government's earning could be broadly categorised into - Direct Tax (which includes private source of revenue tax and company tax) and Indirect Tax (greater than a dozen of cesses and taxes together with excise, customs, provider tax etc). But the GST implementation has subsumed all indirect taxes, except customs accountability.
READ ALSO | Have been placing extra money in arms of middle-class taxpayer: Jaitley
Budget 2018: GST biggest earner for the government
![Budget 2018: GST biggest earner for the government]()
Reviewed by Kailash
on
February 02, 2018
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