Goods and Services Tax(GST) collections has hit an all-time high of Rs 1.13 lakh crore in April.The government had collected Rs1.06 lakh crore in March.
According to experts, increase in GST collections could be due to various reasons such as(a)tightening of tax compliance using the mechanism of e-way bills (b)change in taxation for real estate sector (c)higher spending decisions taken by the government ahead of general elections (d) intelligent data analytics (e)tax leakage detection and (f) consequent GST payment by businesses.
GST (Goods and Services Tax) is an indirect tax that has replaced many Central and State taxes like excise duty,VAT and service tax.It is a single tax on the supply of goods and services.GST is a destination based tax as it is applied on goods and services at the place where final/actual consumption happens
GST is applied to all goods other than crude petroleum,motor spirit, diesel,aviation turbine fuel and natural gas and alcohol for human consumption.There are four slabs for taxes for both goods and services which are 5%,12%,18% and 28%
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