New Delhi: Perhaps in a first, the government may have to recalibrate its budgetary tax collection estimate half-way after the goods and services tax (GST) comes into effect from July. Mid-way, GST will kick in by subsuming all central indirect taxes such as central excise and service taxes as also state levies like VAT into one. The GST revenue collections can be arrived at once the all-powerful GST council, headed by Jaitley, fixes tax rate for every goods and service. Adhia said the heads of excise and service tax in the Budget estimates can be removed once GST comes in. In total, the government estimates to collect nearly Rs9.27 trillion from indirect taxes next fiscal, up 9% over 2016-17.

Source: Mint February 12, 2017 06:26 UTC