The goods and services tax, GST, launched on 1 July, has got off to a good start, with collections exceeding the revenue target for the first month. According to the Finance Minister Arun Jaitley, taxes worth Rs 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base.
The finance minister added that even after the compensation cess is excluded, the target will still be surpassed when all taxpayers file returns.
Important Takeaways from Above News-
- France was the first to introduce GST.
- Only Canada has dual GST model.
Source- AIR World Service