The government has now got the benefit of people making huge purchases due to the festive season in the month of October, from Navratri to Diwali. There has been a jump in the government’s GST collection and it has crossed Rs 1.87 lakh crore.
The government has shared the data of monthly collection of GST on Friday. According to this, GST collection in the month of October has increased by 9 percent on an annual basis. The government’s GST collection in October last year was Rs 1.72 lakh crore.
Tax collection remained this much after refund
On the first day of every month, the government releases the accounts of the money received in the government treasury from GST in the previous month. However, when the final data of GST collection is tallied, refund is also calculated in it.
After refund, the government’s GST collection in October 2024 will be Rs 1.68 lakh crore. This is also 8 percent more than the net GST collection of October 2023.
There may be changes in GST soon
Big changes can be seen in the GST tax system in the coming days. The reason for this is the recent meeting of two groups of ministers of the GST Council and their submission of their report to the GST Council. In this, there is a decision related to removal of GST on health insurance premium.
In the meeting of the Group of Ministers formed under the chairmanship of Bihar Deputy Chief Minister Samrat Chaudhary, it has been agreed that the premium of term life insurance and health insurance can be made tax free for senior citizens in the country. .
The Group of Ministers, which recommended rationalizing GST rates, has said that the GST tax rate on 20 liter water bottles, bicycles and practice notebooks will be reduced to five percent. 18 percent GST is applicable on the bottle.
Apart from this, in the report of the Group of Ministers, the GST rate on practice notebooks has been reduced from 12 percent to 5 percent, the GST rate on bicycles costing less than Rs 10,000 has been reduced from 12 percent to five percent and shoes costing more than Rs 15,000 and more than Rs 25,000. There has also been talk of increasing the GST rate on wrist watches from 18 percent to 28 percent.
