Average
GST rate drops
to 11.
64%; 18%
slab contributes
most to collection
Average GST rate drops to 11.64%; 18% slab contributes most to collection
Updated - December 02, 2024 at 05:13 PM. | New Delhi• Индия » Населенные пункты Индии » Города Индии » Нью-Дели
The Finance• Экономика » Финансы » Банк » Банковское дело » Клиринг
• Экономика » Бизнес » Корпоративное управление » Акция (финансы)
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Акция (финансы)
• Государство » Законы и право » Правовая система России » Акционерное право » Акция (финансы) Ministry said over ₹800 crore of GST evasion had been detected
following investigations into 17 crypto exchanges
By Shishir Sinha
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Goods and services in the 18 per cent slab are estimated to contribute nearly
three-fourths of the total GST collection, the Finance• Экономика » Финансы » Банк » Банковское дело » Клиринг
• Экономика » Бизнес » Корпоративное управление » Акция (финансы)
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Акция (финансы)
• Государство » Законы и право » Правовая система России » Акционерное право » Акция (финансы) Ministry informed the
Lok Sabha on Monday. It also highlighted that the average GST rate had come
down to 11.6 per cent by the end of the fiscal year 2023-24.
The Ministry said over ₹800 crore of GST evasion had been detected following
investigations into 17 crypto exchanges.
RNR and GST collection
On the issue of the average GST rate, Finance Minister Nirmala Sitharaman, in
a written answer in the Lok Sabha, said that the committee headed by then
Chief Economic Advisor Arvind Subramanian on possible tax rates under GST had
suggested that the Revenue Neutral Rate (RNR) should be between 15 per cent
and 15.5 per cent.
“Based on the current data of GST returns available with the Goods and
Services Tax Network, the average GST rate for the financial year 2023-24 is
11.64 per cent,” she said. RNR is the rate determined post-GST to ensure that
there is no shortfall in collection compared to the pre-GST regime. It would
be possible if the GST rate is at par with or close to the combined pre-GST
rates (Central and State levies).
Also read: GST Collection at ₹1.82 lakh cr in Nov, lower on monthly basis,
higher on yearly basis
Asked whether nearly 60 per cent of all consumer items attract a GST rate of 5
per cent or less, while less than 3 per cent of consumption items fall under
the 28 per cent bracket, she said that no such data is maintained by the
Ministry. However, she highlighted a media article that mentioned about 60 per
cent of the average monthly per-capita expenditure (MPCE) is either exempt or
subject to a lower tax rate (up to 5 per cent GST), and only 2.3 per cent of
the average MPCE is taxed at the 28 per cent GST rate.
She also clarified that there is no bitterness between the Centre and the
States on GST. “GST share• Экономика » Бизнес » Корпоративное управление » Акция (финансы)
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Акция (финансы)
• Государство » Законы и право » Правовая система России » Акционерное право » Акция (финансы) to the States is settled on a regular basis as
provided under the GST law,” she said.
In response to another question, Minister of State in the Finance• Экономика » Финансы » Банк » Банковское дело » Клиринг
• Экономика » Бизнес » Корпоративное управление » Акция (финансы)
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Акция (финансы)
• Государство » Законы и право » Правовая система России » Акционерное право » Акция (финансы) Ministry,
Pankaj Chaudhary, said in a written reply that, based on data collected from
taxpayers through returns, the amount of GST collected at different tax rates
cannot be calculated. However, it is estimated that the proportion of GST
collected (excluding Compensation• Экономика » Финансы » Банк » Банковское дело » Клиринг Cess and other payments) under various tax
slabs in the financial year 2023-24 shows that 70-75 per cent of the
collection came from goods and services in the 18 per cent slab.
Goods and services in the 28 per cent slab are estimated to have a share• Экономика » Бизнес » Корпоративное управление » Акция (финансы)
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Акция (финансы)
• Государство » Законы и право » Правовая система России » Акционерное право » Акция (финансы) of
13-15 per cent, while those in the 5 per cent slab have 6-8 per cent, and
those in the 12 per cent slab are estimated to have a share• Экономика » Бизнес » Корпоративное управление » Акция (финансы)
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Акция (финансы)
• Государство » Законы и право » Правовая система России » Акционерное право » Акция (финансы) of 5-6 per cent,
he said.
Crypto exchanges
Talking about cases booked against cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchanges for GST evasion,
Chaudhary said in a written reply that a total of 17 entities had been booked.
A total of ₹824 crore in tax evasion was detected, with just one entity, Nest
Services Limited (a Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance Group company), accounting for over ₹700 crore. Of
the total detected, ₹122 crore has been recovered.
As on date, a total of 47 Virtual Digital Asset Service Providers (VDASPs)
have been registered as Reporting Entities with the Financial Intelligence
Unit-India under the Prevention of Money Laundering Act, 2002, Chaudhary said.
Insurance premiums may come down if GST Council decides to reduce GST: FM
Finance Minister Nirmala Sitharaman on Monday said that insurance premiums may
drop if GST is lowered on such services.
“As the GST rates are applicable over and above the insurance premium, if the
GST rate is reduced, it is expected to benefit the policyholder directly
especially in a competitive market with many insurers as the cost of insurance
will reduce to that extent,” Sitharaman said in a written reply in the Lok
Sabha. As on date, the insurance premium attracts GST at a rate of 18 per
cent.
The issue of GST on life and health insurance was placed before the GST
Council in its meeting on September 9. After detailed deliberations, the
Council recommended constituting a Group of Ministers (GoM) to holistically
examine issues related to GST on life and health insurance. The first meeting
of the GoM was held on October 19. It is believed that the GoM is in favour of
removing GST on health insurance for senior citizens and for others if the
coverage is ₹5 lakh or less.
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Published on December 2, 2024
