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Union Budget 2024: How GST collection impacts the Budget

  • 10 Jul 2024
  • Team Edukating
  • 291

Over the years, the Goods and Services Tax (GST) has continued to remain the focal point in India’s economic discussions. Union Finance Minister Nirmala Sitharaman is expected to consider the GST figures this time as well, as she gears up to table the Union Budget 2024-25 in the Parliament on July 23.

The multi-level taxation system has been designed effectively, encompassing the sale of goods and services in the country.

Aimed at reducing the cascading effect of several indirect taxes on the economy, the GST has been enforced nationwide in India -- with its framework being introduced by Prime Minister Narendra Modi-led government in July 2017. Since then, it has majorly influenced the Ministry of Finance's Budget allocation.

With the GST revenue expected to surpass the Revised Estimate for the current financial year, the central government might consider further increasing the targets outlined in the interim Budget for the next fiscal during the July 23 Budget announcement.

While no official statement regarding the same has been made so far, experts believe there is a probability to this looking at the unprecedented collection figures.

Source : https://www.cnbctv18.com/economy/union-budget-2024-how-gst-collection-impacts-the-budget-19439824.htm