11 months, 1 week ago

Broaden GST net, cut cesses to reduce tax burden

Goods and services tax collection crossed the landmark of Rs 2.1 lakh crore for the first time in April. Truth be told, April has always seen higher collections, thanks in part to year-end adjustments in tax assessments. But what sets apart the latest haul is that a part of the 12.4 percent increase over last year was led by a healthy growth in domestic sales, particularly from premium products and services including automobiles, consumer durables, hotels and restaurant services. It’s likely that the average monthly collection will be lower than Rs 2 lakh crore in the coming months, but if the double-digit growth continues, then the 2024-25 budget targets will be comfortably outstripped like in 2023-24 and 2022-23.

New Indian Express

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