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The Union government has estimated the monthly GST collection at over Rs 1.2 lakh crore, said Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri on Saturday. He added that theres a need for the GST council to deliberate bringing petroleum products under the ambit of GST. The
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FAQ :
The Union government estimates monthly GST collection to be over Rs 1.2 lakh crore, with expectations of a higher average between Rs 1.25-1.3 lakh crore.
Petroleum products are not under GST because states levy VAT on their sale and have historically been concerned about adverse impacts on their revenue and losing fiscal independence.
Bringing petroleum products under GST would allow for a free flow of Input Tax Credit (ITC) within the value chain, benefiting the industry, logistics, and transport sectors, and potentially reducing overall economic costs.
States can compensate for perceived revenue loss by levying other taxes, such as excise duty, VAT, or sales tax, on petroleum products over and above the GST, similar to practices in other countries.
The CBIC chairman expressed confidence that monthly GST collections will remain above the Rs 1 lakh crore mark, with a higher average expected due to economic revival and the bounce-back of the services sector.
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