The biggest contribution to the country’s GST collection is the expenditure made by the common man on his daily needs. According to the information given by the Finance Ministry in the Lok Sabha, the 18% slab contributes about 75% to the total GST collection. It includes items like hair oil, toothpaste, ice cream, pasta, restaurant food, cinema tickets less than Rs 100. The 12% bracket contributed only 5-6% to the GST collection. It includes ghee, processed food, mobile, packaged coconut water and fruit juice etc. According to the Finance Ministry, by the end of the last financial year, the country’s average GST rate came down to 11.6%. Case registered against 17 cryptocurrency exchanges
According to the information given by the government in the Lok Sabha, a case has been registered against a total of 17 cryptocurrency exchanges for theft in the country. Tax evasion of Rs 824 crore has been detected in this. Nest Services Limited alone is accused of tax evasion of more than Rs 700 crore. Out of the total tax evasion, Rs 122 crore has been recovered. The government raised ?1.82 lakh crore from GST in November
The government has raised Rs 1.82 lakh crore from GST in November 2024. There has been an increase of 8.5% on an annual basis. A year ago i.e. in November 2023, the government had collected Rs 1.68 lakh crore GST. At the same time, in this financial year i.e. 2024-25, so far Rs 14.56 lakh crore has come from GST. Recommendation to impose 35% tax on tobacco and cigarettes
Tax rates can be changed in the GST Council meeting to be held in December. According to media reports, the Group of Ministers (GoM) formed to simplify the GST structure has recommended increasing the tax rate on tobacco and all tobacco products, aerated beverages (soda drinks-cold drinks) etc. from the current 28% to 35%. Read full news
