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Maybe the GST attack on some goods and services to increase revenue!

Wednesday - December 4, 2019 2:39 pm , Category : WTN SPECIAL
Modi Government worried over GST collection less than expected
Modi Government worried over GST collection less than expected

Some goods and services may soon become expensive due to GST
 

DEC 04 (WTN) - It seems that the biggest economic reform of the Modi Government is that GST i.e. Goods and Service Tax, is now becoming the biggest cause of trouble for the Modi Government itself. On 1 July 2017, the Modi Government implemented GST across the country with great fanfare. But the fact is that the hope, with which GST was implemented, does not appear to be fulfilled. Actually, every month GST collection is not happening as expected, so this is the biggest reason for concern to the Modi Government.
 
As you know, it is necessary to have a sufficient amount of tax collection in order to operate the governance and administration of any country smoothly. With this tax money, funds are available for defense and other fields including public welfare schemes in the country. But if the tax collection itself is not done correctly, then the government of any country may face a lot of problems. The Modi Government is facing some similar problems these days. In fact, due to the low collection of GST, the Modi Government has not been able to compensate some states for the last three months.
 
For your information, let you know that the finance ministers of the five states of West Bengal, Punjab, Kerala, Rajasthan, and Delhi had issued a joint statement recently that due to GST has not been compensated so far for almost three months. Due to this, the states are under financial pressure and the Central Government has not given any reason for not releasing the compensation.
 
Now after the lower GST collection than expected, the Modi Government can take many big and tough steps to increase revenue. According to experts, in order to increase revenue, the Modi Government is now preparing to bring many such goods and services under the purview of GST, which is still exempt from it. At the same time, it is being said that some goods and services can be placed in the already higher GST slab, which can increase the tax collection. It is being said that a big decision can be taken in this important meeting of the GST council to be held on the 15th of this month.
 
For your information, let you know that according to GST rules, the GST constitutes about 60 percent of the total revenue of states. According to the agreement reached by the Central Government with the State Governments, while implementing the GST, the Central Government will compensate for the loss of revenue due to the implementation of the GST. But after the low collection of the GST, many states are not getting their share of revenue, due to which there is huge financial pressure before these states.
 
By the way, when we talk about the GST collection for the month of November, after three months, once again in the month of November, GST collection has crossed the level of one lakh crore rupees. The GST collection in November for this year has increased by 6 percent to Rs 1.03 lakh crore as compared to the same month a year ago, while the GST collection in November for the last year was only Rs 97,637 crore. At the same time, in the month of October this year, the GST collection was just Rs 95,380 crore.
 
But due to only the GST collection for the month of November is more than one lakh crore rupees, the Modi Government is not satisfied. If GST collection is averaged out, the revenue from GST is still much lower than expected. Due to this, it is speculated that in the upcoming meeting of the GST Council, the Modi Government may introduce some goods and services under the GST and can change the GST slab of some goods and services.
 
It is being speculated that the government may review the unbranded grains, fresh meat, and milk, etc. in the slabs of zero percent. At the same time, the Modi Government can also review to increase the GST collection to increase earnings and to prevent tax evasion. In fact, the biggest worry and problem of the Modi Government at the present time is the continuously declining earnings. That is why the Modi Government can take many big and tough steps in the coming days to increase earnings.
 
At the same time, there is an increase in the government's earnings, so the Modi Government has asked the officials of many states to give suggestions to increase the revenue. So it seems clear that to increase the revenue, the Modi Government can introduce many goods and services under the slabs of GST or then can change tax slabs, which can increase the GST collection. In such a situation, it will be natural that due to the introduction or increase of GST, these goods and services will be expensive, and when goods and services are expensive, it will also increase inflation, which the general public will have to be prepared to face.

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