The government is aiming to increase the average monthly GST collections, said finance secretary Hasmukh Adhia on Sunday, July 1, the first anniversary of Goods and Services Tax (GST). Further speaking on the matter, the government top official said that GST revenue has been spiked up to Rs 95,610 crore in June, as against Rs 94,016 crore in May. However, he further told the media that GST collections in April were Rs 1.03 crore. The government is celebrating July 1 as GST Day to mark the first anniversary of the new tax system in the country. Prime Minister Narendra Modi ruled out single tax rate under the new indirect tax regime.
Comparing this year average monthly collections with last year, Hasmukh Adhia said that in last fiscal year average monthly revenue was Rs 89,885 crore. He further said that revenue collection would be improved in the coming months.
He said how we could impose same tax on a luxury car Mercedes and milk. Opposition parties have criticized the government over-hasty implementation of GST, saying that there are many technical glitches in the new tax system. According to experts, GST was implemented in the country to create taxation system easy for the taxpayer. One of the main objectives of GST was the easy movement of goods and services, so the government introduced e-way bill.
Appreciating Goods and Service Tax, Union Minister Arun Jaitley said that it is a monumental economic and tax reform. He further added that need for GST was obvious as earlier indirect tax regime was complicated and creating hindrance in the development of the country. The Prime Minister also spoke about Team Indian and said all states should join hands to showcase the real spirit of co-operative federalism in the country.