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GST Rates: Do you know that the maximum GST revenue of the Central and State Governments comes from goods and services falling in the 18 percent slab. The government said that in the financial year 2023-24, 70 to 75 percent of the total GST collection revenue has come from the 18 percent GST slab, while the lowest revenue has come from the 12 percent GST slab and 5 to 6 percent of the total GST revenue collection has come from this slab. Has come.
Question to the government in Parliament
During Question Hour in the Lok Sabha, information was sought from the Finance Ministry about the GST revenue achieved from 5 percent, 12 percent, 18 percent and 28 percent slab rates since the implementation of GST in 2017. Lok Sabha MP K Sudhakaran also asked for details of 10 product categories which have generated the highest GST revenue.
18 percent slab fills government treasury
Giving a written reply to this question, Minister of State for Finance Pankaj Choudhary said that it is very difficult to calculate the amount of GST collected by applying different tax rates in the data collected from the returns of taxpayers. Giving information about the proportion of GST collected under different GST slabs in the financial year 2023-24, excluding compensation cess and other payments, he said that 70 to 75 percent of the total GST collection came from the 18 percent GST slab. Is. After this, it is the turn of 28 percent slab from which 13 to 15 percent GST has been collected during the financial year. The 5 percent tax slab accounts for 6-8 percent of the total GST revenue. Whereas 5.6 percent revenue has been collected through 12 percent slab. The Minister of State for Finance said that the data of GST collection done according to product category is not available.
Life and health insurance policy also in 18 percent slab
On the question of reduction in GST rate on life and health insurance policies, Finance Minister Nirmala Sitharaman said that if the GST Council recommends a reduction in the GST rate on life and health insurance policies, then the cost of payment of premium on policyholders will reduce. Can come. At present, 18 percent GST is levied on the premium paid on life and health insurance policies. The GST Council meeting to be held on December 21, 2024 is expected to discuss the reduction in GST rates. In the financial year 2023-24, the central and state governments collected Rs 16,398 crore GST from life and health insurance policies.
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