03 July,2023 12:49 PM IST | Mumbai | mid-day online correspondent
Representational Pic
The Union Finance Ministry recently announced a reduction in Goods and Service Taxes (GST) on the purchase of electronic items. The decision comes as a relief to customers and aims to make these purchases more affordable. On the 6th anniversary of the GST implementation, the government issued a list of items that will have reduced GST rates.
The Finance Ministry announced the revised GST rates on its official Twitter handle and also shared a list of electronic items that would be cheaper.
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Earlier, customers had to pay a GST of 31.3 percent on electronic items such as TVs up to 27 inches, refrigerators, washing machines, geysers, fans, coolers, and electrical appliances like mixers, juicers, and vacuum cleaners.
The new list reduces the GST rates on these items to 18 percent.
The GST rate on mobile phones has been reduced from 31.3 percent to 12 percent. As a result, mobile phone companies will also reduce the prices of mobile phones.
The implementation of GST laws by the central government on July 1, 2017, was a major milestone in streamlining India's tax system. It replaced the convoluted network of taxes with a simplified framework consisting of distinct tax slabs of 5 percent, 12 percent, 18 percent, and 28 percent for goods and services.
Meanwhile, the gross goods and services tax (GST) revenue collection of India in the month of June stood at Rs 1,61,497 crore, 12 per cent higher than the revenue collected in the same month last year, the Ministry of Finance said on Saturday, reported the ANI.
"The gross GST revenue collected in the month of June, 2023 is Rs 1,61,497 crore of which CGST is Rs 31,013 crore, SGST is Rs 38,292 crore, IGST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods). The government has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST," said Ministry of Finance, according to the ANI.
It is for the fourth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.
The average monthly gross GST collection for the first quarter of the FY22, FY23 and FY24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the ANI reported.
(with ANI inputs)
