New Affordable Electric Cars Are Coming Soon, read the full report

Jun 25 2019 01:16 PM
New Affordable Electric Cars Are Coming Soon, read the full report

The GST Council will consider reducing taxes on electric vehicles, which are seen as more environmentally friendly, and the matter is pending before the government. Minister of State for Finance Anurag Thakur informed the Lok Sabha on Monday. Thakur was replying to a question asked by BJP member Varun Gandhi during the Question Hour. "The matter has been placed before the GST Council and will be considered. So far it is pending before the Council."

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In his statement, Thakur said that the number of tax filers under GST has doubled, indicating that the new tax regime has increased people's confidence. He said the Council has taken a number of decisions since the Goods and Services Tax, which has implemented several indirect taxes levied by the states and the Centre under one rule, to facilitate exercise in 2017 and also to benefit traders in the evening. Li said more than 21 lakh returns were filed in a single day last month. Tax collections increased by 8.5 percent in April-May this year compared to the same period last year.

For your information, the total direct tax in 2018-19 was Rs 11,37,685 crore as against Rs 10,02,037 crore in 2017-18. The tax GDP ratio has increased from 5.86 percent to 5.98 percent. The GST collection in 2018-19 has been Rs 5,81,563 crore as against Rs 4,42,561 crore in 2017-18, he said. The total non-GST indirect tax collection in the last financial year stood at Rs 3,55,906 crore, compared to Rs 4,69,092 crore in the previous fiscal.

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