Major Tax Reform in India

GST is one of the biggest indirect tax reforms in the Country.

GST is a comprehensive indirect tax levied on manufacture, sale and consumption of goods as well as services at the national level. It has replaced all indirect taxes levied on goods and services by the Central and State Governments.

GST regime was implemented from 1^st July 2017, and India has adopted the dual GST model in which both the Centre and States levy taxes:

GST Collection Update: The gross GST revenue collected in the month of Apr 2024 is INR 2.10 Lakh Cr of which CGST is INR 43,846 Cr, SGST is INR 53,538 Cr, IGST is INR 99,623 Cr and  Cess is INR 13,260 Cr.

Note: The GST is applicable on all goods other than the following:

• Alcoholic liquor for human consumption

• Five petroleum products (Petroleum crude, high-speed diesel, motor spirit, natural gas and aviation turbine fuel). GST on these to be levied post notification about the effective date.