Proposed GST slab of 35% is a deterrent for growth
As per a cross-country World Bank study on sugar-sweetened beverages, India has one of the highest tax rates for carbonated soft drinks (CSDs) at a total tax rate of 40 per cent as of 2023.
The Goods and services tax (GST) collection crossed the Rs 1 lakh crore-mark for the third consecutive month in January as the central and the state governments collected Rs 1,10,828 crore in the first month.
This is second time since the introduction of GST in July 2017 that the monthly revenues have crossed Rs 1.1 lakh crore.
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The revenue collected is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.
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The GST revenues during the month of January, 2020 from domestic transactions has shown a growth of 12 per cent over the revenue during the same month last year, an official statement stated.
Out of the Rs 1,10,828 crore gross GST collected in the month of January, CGST was Rs 20,944 crore, SGST Rs 28,224 crore, and IGST was Rs 53,013 crore (including Rs 23,481 crore collected on imports). The total cess during this month was Rs 8,637 crore that included Rs 824 crore collected on imports.
The total number of GSTR 3B Returns filed for the month of December up to January 31, 2020 was 83 lakh showing that compliance in the new tax regime improved.
The government settled Rs 24,730 crore to CGST and Rs 18,199 crore to SGST from IGST as regular settlement.
The total revenue earned by central government and the state governments after regular settlement in the month of January, 2020 was Rs 45,674 crore for CGST and Rs 46,433 crore for the SGST.
This month, the government set an ambitious target of Rs 1.1 lakh crore monthly GST revenue for the remaining part of the current fiscal and asked taxmen to step up efforts to achieve the goal.
(With input from agencies)
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