Goods and Services Tax (GST) has acted as an engine for driving domestic consumption and helped households save on monthly bills since its implementation six years ago, the government said on Friday. Giving a comparison of the tax rates of various goods pre and post-GST rollout, the government said from streamlining processes to boosting investments, GST has been a catalyst for progress. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. “With reduced taxes, #GST brings happiness to every home: Relief through #GST on various consumer goods of daily use,” the Finance Ministry tweeted. The monthly GST revenues, which used to be Rs 85,000-95,000 crore when GST was launched in 2017, have soared to around Rs 1.5 lakh crore and is moving northwards.

Source: Indian Express June 30, 2023 11:27 UTC