New Delhi. Feb 1:
The average monthly collection of Goods and Services Tax (GST) in the current fiscal has increased to Rs 97,100 crore from Rs 89,700 crore last year, Finance Minister Piyush Goyal said Friday.
He said that in spite of major rate reductions and relaxations, revenue trends are encouraging.
“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,” Goyal said while presenting Budget 2019-20 in the Lok Sabha.
The state revenues, he said, are improving with guaranteed 14 per cent annual revenue increase for the first five years from the implementation of GST.
The Goods and Services Tax (GST) was rolled out on July 1, 2017 and has consolidated over a dozen central and state levies.
Goyal added that GST has resulted in increased tax base, higher collections and ease of trade.
“This will reduce the interface between the tax payer and the government for day-to-day operations and assessments. Now returns are fully online and e-way bill system is in place,” he said.
Goyal said with the introduction of GST, inter-state movement of goods has become faster, more efficient, and hassle free with no entry tax, check posts, and truck queues.