Addressing an audience at the University of California in Berkley on Friday, Rajan said for four years -- 2012 to 2016 -- India was growing at a faster pace before it was hit by two major headwinds.
Modi said that in the last 4-5 years, the kitty of National Calamity Contingent Duty (NCCD) has been declining and especially after the GST.
Growth reached 6.7 per cent in fiscal year 2017/18, with a significant acceleration in recent months, it said.
"With the current trend for GST mop-up, it is expected that the monthly collections could again touch Rs 1 lakh crore around November and December," an official said.
"The revenue collected in September shows an upward trend as compared to the August collection," the Finance Ministry said.
The panel, headed by Union Finance Minister Arun Jaitley and comprising of representatives of all states and UT, also took stock of the shortfall in tax mop up by majority of the states under the new indirect tax regime.
Jaitley said that the deficit in revenue collection targets of states under the GST came down to 13 per cent till August this year compared to 16 per cent last year.
E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST). States too can levy up to 1 per cent TCS under State GST (SGST) law.
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GSTR-2A is a purchase return auto-generated by the system based on the transaction between a business and its supplier.
CII President Rakesh Bharti Mittal noted that GST, reforms in Ease of Doing Business, FDI, labour, agriculture, and many other initiatives aimed at improving the overall investment climate.
On July 1, 2017, the GST was implemented. The Centre, ahead of its rollout, had gone for an intense media campaign to create awareness about the new tax regime.
Goods and Services Tax (GST) revenue for August was the lowest in the five months so far this fiscal. In July the collection was Rs 96,483 crore, in June it was Rs 95,610 crore, in May Rs 94,016 crore and in April Rs 1.03 lakh crore.
Speaking to reporters on the sidelines of an ICC seminar here today, Ghosh said that the rupee had experienced an orderly depreciation as it moved from Rs 64 to a dollar to Rs 70 over a span of five to six months.
Criticising the Centre on demonetisation and implementation of Goods and Services Tax (GST), he said a "complicated GST" was rolled out when the country had "not fully recovered from the note-ban shock".
The Union finance ministry, he said, has not mooted any proposal to bring petrol and diesel or even natural gas under GST but took up the issue at the last GST Council meeting on August 4 based on media reports.
The credit disbursal to the MSME sector has, however recovered a tad since the lows of 2017 to reach the mid-2015 level, notes an RBI report called the Mint Street Memo.
The government's motto is reform, perform and transform. Red tape has been replaced with 'red carpet', propelling India on the ease of doing business ranking, PM said.
The prime minister highlighted the loopholes of the GST model, which was earlier proposed by Chidambaram and clarified the BJP’s stance on opposing GST during UPA regime.
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