Quick Summary
In the fiscal year 2023-24, approximately 70-75% of GST revenues were generated from the 18% tax slab, while the 12% slab contributed just 5-6% of the total collection. Additionally, the 5% slab accounted for only 6-8% of the GST revenue, while the highest 28% slab contributed 13-15% to the overall revenue, according to data shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha on December 4. GST Revenue Distribution: An Overview The breakdown of GST revenues (excluding c
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FAQ :
Approximately 70-75% of GST revenues in fiscal year 2023-24 were generated from the 18% tax slab.
The highest 28% slab contributed 13-15% to the overall GST revenue in FY 2023-24.
The GoM has been set up to explore the rationalisation of GST rates and the potential merger of tax slabs to increase GST revenues.
The average GST rate for FY 2023-24 stood at 11.64%, which is lower than the recommended revenue neutral rate.
No, the Finance Minister has clarified that there are no tensions, and GST shares to states are settled regularly as per the law.
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