Quick Summary
GST collections may witness a short-term dip in the months immediately following the launch of the overhauledGST 2.0 structure, the Central Board of Indirect Taxes and Customs (CBIC) has indicated. "Expect some dip in GST collection for initial months, as taxes are paid through accumulated ITC, but festive demand will boost sales," said CBIC Chairman Sanjay Kumar Agarwal in an interview. To ensure a smooth transition, the GST department is working with industry stakeholders to upgrade ERP an
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FAQ :
The new GST 2.0 structure is set to take effect on September 22.
The CBIC expects a temporary dip in GST collections for the initial months as taxes are paid using accumulated input tax credit.
The GST 2.0 reforms simplify the system into two primary rates of 5% and 18%, along with a new 40% slab for sin and luxury goods.
Apparel priced above Rs 2,500 and coal will face higher tax rates, while most consumer goods will benefit from reductions.
The government and industry experts anticipate that strong demand during the festive season, starting with Navratri, will help boost sales and offset the short-term revenue decrease.
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