200 Items May Get Cheaper, GST Council Set To Announce Big Tax Cut Today #GSTCOUNCIL #GOGSTONLINE #PMOINDIA Pmo India GST Council of India GST.tax #www.gogstonline.com GSTOnline

200 Items May Get Cheaper, GST Council Set To Announce Big Tax Cut Today #GSTCOUNCIL #GOGSTONLINE #PMOINDIA Pmo India GST Council of India GST.tax
#www.gogstonline.com GSTOn
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GST Collections

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Collections under the goods and services tax (GST) were marginally lower by some Rs 100 billion, compared to the original target set by the government for the first eight months of the roll-out of the new indirect tax. The mop-up was subdued in October, November and January, and that has led to some shortfall. Against the target of Rs 7.28 trillion for the eight months, collections stand at Rs 7.18 trillion. The target was arrived from the monthly run rate of Rs 910 billion.  The run rate was, in turn, derived from the Budget Estimates and 14% indirect tax revenue growth for states for 2017-18.
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GST

Goods and Services Tax (GST)  is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (one Hundred and First Amendment) Act 2017 following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% ,18% and 28%.There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2 trillion dollar economy.  The rate of GST in India is between double to four times that le
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