The largest contributor to the country's GST collection is the expenditure incurred by the common man on his daily necessities. The 18% slab contributes about 75% to the total GST collection, according to the information provided by the Finance Ministry in the Lok Sabha.
Under this, things like hair oil, toothpaste, ice cream, pasta, food in restaurants, cinema tickets worth less than 100 rupees have been included. The 12% bracket contributed only 5-6% to GST collection. These include ghee, processed food, mobile phones, packaged coconut water and fruit juice. According to the Finance Ministry, the country's average GST rate fell to 11.6% by the end of the last financial year.
Lawsuit filed against 17 cryptocurrency exchanges According to the information provided by the government in the Lok Sabha, a theft case has been registered against a total of 17 cryptocurrency exchanges in the country. In which tax evasion of 824 crore rupees has been caught. Nest Services Limited alone is accused of tax evasion of over 700 crores. Out of total tax evasion Rs. 122 crore has been recovered.
The government collected ₹1.82 lakh crore from GST in November The government has collected Rs 1.82 lakh crore from GST in November 2024. There has been an increase of 8.5% year-on-year. A year ago i.e. in November 2023, the government collected GST of Rs 1.68 lakh crore. At the same time, 14.56 lakh crore rupees have come from GST so far in this financial year i.e. 2024-25.
Recommend imposition of 35% tax on tobacco and cigarettes The tax rates may change in the GST Council meeting in December. According to media reports, the Group of Ministers (GoM) constituted to simplify the GST framework has recommended increasing the tax rate on tobacco and all tobacco products, aerated drinks (soda drink-cold drink) etc. to 35% from the existing 28%.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
