29th Meeting of GST council today; discussion on bringing petroleum under GST possible
Today will be the 29th meeting of GST Council headed by Union Finance Minister Piyush Goyal. There may be many big decisions in the interest of small businessmen in this meeting. Apart from this, decision on cashback on digital payments is also possible.
At the same time, it is possible to discuss the issue of bringing petrol and diesel into the realm of GST during the meeting. However, Deputy Chief Minister of Bihar and member of GST Council Sushil Modi has said that the government will consider bringing petroleum products under GST only when the monthly target of Revenue will be more than Rs. 1 lakh crores. But after the rise in the GST collection in July the expectation of discussion has increased.
GST collection increased in July
In the month of July, GST collection has increased in comparison to June. Recently, according to the figures released by the government, the tax of Rs 96,483 crore came under GST in July. Last month it was Rs 95,610 crore. Central GST’s stake in GST collection is 15,877 crores. At the same time, talking about state GST, it has been a total of Rs 22,293 crore this month.
Integrated GST was Rs 49,951 crore and the government received Rs 8,362 crore from CES. It includes ces from 794 crore on imported products. Thus, the GST Revenue target is approaching one lakh crore. In the budget of fiscal year 2018-19, the government had set a target of Rs.1.15 lakh crores of GST collection every month.
