Monthly GST collection remaining over 1.6 lakh crore is a new normal, says Finance Minister Nirmala Sitharaman

Items like milk, tea, edible vegetables, sugar are taxed less than six percent. The taxes on electrical appliances like washing machines, televisions have been brought down from 31 percent to 12 percent.

The tax on tyres, rubber waste, aircraft engines was reduced from 28 percent to five percent, while taxes on items like luggage, medical grade oxygen, armoured vehicles kitchenware was reduced from 28 percent to 12 percent.  The tax on furniture, electrical equipment, fittings, bads, paints, sporting equipment, and the likes, has been reduced from 28 percent to 18 percent.

Tax on peanut, seasme, nuts, rabb have come down from 18 percent to five percent. Sitharaman stated that GST is exempted on items like paneer, curd that are not pre-packaged, sanitary napkins, hearing aids, life saving drugs. Services like healthcare, public transport services and agricultural services are also exempted.

On a single day, 24.8 lakh return filings are done on the GST system, maximum e-invoice generated in a day is 17.48 crore. If only the fraudulent claims of nearly 14k crore come in the system, you can imagine the GST collection numbers.

Before GST, state tax growth was 8.6% while GDP growth was 11%, which means slow bouyoncy. After GST, Tax growth was 12.3% while GDP growth was 9%, resulting in high bouyancy. We have to dispel this myth that states are taking a hit after joining GST. States’ tax bouyancy has growth by 1.15%, even without GST compensation.

Speaking at the event, Central Board of Indirect Taxes and Customs or CBIC chairman Vivek Johri said that the CBIC has been pushing for transparency and more accountability. He said that the GST tax payer base has grown to 1.4 crore.

Talking about the fake GST, he said, "We have launched a successful campaign to act on fake GST, and busted 304 entities in the process. I warn those indulging in fake ITC that we will come for them."