Budget 2018: GST biggest earner for the government
Added: (Fri Feb 02 2018)
Pressbox (Press Release) -
Goods and Services Tax, which subsumed more than a dozen of levies, stood as the highest contributor for the government in terms of collecting revenues.
Hailed as the biggest tax reform since Independence, GST single-handedly contributed 32.8 per cent of the total revenues in 2017-18, data from the budget document showed.
Referring to public finances, Union Finance Minister Arun Jaitley said in a post budget conference that in 2017-18 (ending March 2018), the government will be "receiving GST revenues only for 11 months, instead of 12 months" which "will have fiscal effect".
Revenue and Finance Secretary Hasmukh Adhia also hinted that GST revenue collection may fall short by Rs 50,000 crore.