GST collection in December at all-time high
Finance Ministry on Friday announced that the gross GST revenue collected in the month of December 2020 was highest since GST implementation at Rs 1,15,174 crore of which CGST is Rs 21,365 crore, SGST is Rs 27,804 crore, IGST is Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and Cess is Rs 8,579 crore (including Rs 971 crore collected on import of goods).GST collection in December at all-time high
GST collections for Jan 2021 touch all-time high of Rs 1.2 lakh crore
"The GST revenues during January 2021 are the highest since the introduction of GST and have almost touched the ₹ 1.2 lakh crore mark, exceeding last month’s record collection of ₹1.15 lakh crore," the ministry said.
4 reasons why GST collections hit record high in December
While we are going into the recovery zone, we should not lower our guards down, says the finance secretary.
Record-high GST collection due to reforms at system level: Finance Secretary
Record-high GST collection in the month of December is because Indian economy is on path of recovery and government is taking targeted action against those who have discrepancies in record, said Union Finance Secretary Ajay Bhushan Pandey. “Record-high GST collection of over Rs 1.15 lakh crore in December is because our economy is on path of recovery. We have brought many changes at system level for better compliance. We are taking targeted action against those who have discrepancies in their record,” said Finance Secretary Pandey.Record-high GST collection due to reforms at system level: Finance Secretary
Budget 2021: FM Sitharaman lays down indirect tax proposals, vows to further smoothen GST structure
Asserting that there have been record GST collections in the past few months, Union Finance Minister Nirmala Sitharaman on Monday announced a proposal to remove 400 old exemptions and take every possible measure to reduce anomalies. "A proposal will be brought to remove 400 old exemptions this year. From October 1, 2021, a revised customs duty structure free of distortions will be there," she added. She also said that the definition of small companies will be revised by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh.Budget 2021: FM Sitharaman lays down indirect tax proposals, vows to further smoothen GST structure
Five key numbers to watch out for in Nirmala Sitharaman's Budget spending plan
While the success of the budget depends on how effectively India is able to contain rising infections through vaccine drives in the nation of more than 1.3 billion people, here are five key numbers to watch out for in the spending plan:
December 2020 GST collections touch all-time high at Rs 1.15 lakh crore
Compared to December 2019, collections are 12% higher, underlining the trend of economic recovery amid the Covid 19 pandemic and in line with the recent trend of recovery in the GST revenues.
December 2020 GST collections touch all-time high at Rs 1.15 lakh crore
Compared to December 2019, collections are 12% higher, underlining the trend of economic recovery amid the Covid 19 pandemic and in line with the recent trend of recovery in the GST revenues.
'How much froth there is in euphoric financial markets an open question': K M Birla
Terming volatility as a 'froth', Birla said it along with uncertainty have been an underlying phenomenon for almost two decades now and financial variables have become even more volatile in these unusual times.
GST collection should be highest in Uttar Pradesh, says Chief Minister Yogi Adityanath
"Important responsibility should be given to eligible officers. Technology should be widely used in revenue collection work. The use of technology can help in the recovery of revenue as well as in preventing its theft," he added.
What Union Budget 2021 can deliver in these tough times?
Bulk of the prescription on policy side is already in place, mostly by way of measures already announced under the Atmanirbhar Bharat agenda. It is time for the government to focus on its implementation, which of course is easier said than done.
Sensex hits 48,000 mark for the first time ever after vaccine approvals
Record GST collections, and good steel and auto sales numbers have also given a glimpse of stellar economic recovery. Moreover, declining dollar is also leading to massive fund flows in Indian equities.
Recovery continues despite phases of Covid-19 resurgence: Ajay Bhushan Pandey
He attributed some component of the surge in revenues to the drive launched to identify tax evaders and those availing input tax credit fraudulently. The revenue department will continue the crackdown on such activities, said Pandey who is also the revenue secretary.
Karnataka GST collections on upswing, points to revival in buying sentiment
The state’s commercial taxes department has collected Rs 3,680 crore in state GST (SGST) this month against Rs 3,056 crore in October 2019. The figures do not, however, include collections from sales tax on petrol and diesel, as well as professional taxes.
GST collection at Rs 86,449 crore in August
The government has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement.
GST collection, power consumption show recovery: Ex-RBI chief C Rangarajan
Rangarajan, also the former Prime Minister's Economic Advisory Council chairman, said this during 'SICCI-360' organised here by the Southern India Chamber of Commerce and Industry.
November GST collection nears Rs 1.05 lakh cr, crosses Rs 1 lakh cr mark second time since April
Gross GST revenue collection in November stood at nearly Rs 1.05 lakh crore, an official statement said on Tuesday. The revenues for the month of November 2020 were 1.4 per cent higher than the GST revenues in the same month last year.November GST collection nears Rs 1.05 lakh cr, crosses Rs 1 lakh cr mark second time since April
Indian Economy recovery: November data add heft to revival, but experts want more govt spending
GST collections crossed ₹1 lakh crore for a second month, rising to ₹1.04 lakh crore from ₹1.03 lakh crore a year ago but down slightly from ₹1.05 lakh crore in October.
GST collection surpasses Rs 1 lakh crore mark in October, first time since February
The goods and services tax (GST) collected in October rose to Rs 1.05 lakh crore, crossing the Rs 1 lakh crore mark for the first time since February this year, reflecting a pick-up in economic activity and demand. The finance ministry in a statement said on Sunday that the total number of GSTR-3B returns filed till October 31, 2020 is 80 lakh. The gross GST revenue collected in October 2020 is Rs 1,05,155 crore, of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods), the ministry said.GST collection surpasses Rs 1 lakh crore mark in October, first time since February
States' indebtedness to hit decade-high of 36% of GSDP: CRISIL
While all revenue sources are expected to take a hit, CRISIL said 65% of the total decline would be attributable to the fall in state GST collections, GST compensation payments, and tax devolutions to the states from the centre’s own tax pool, which together form nearly 50% of states’ revenue receipts
Govt collects Rs 1,04,963 crore GST in November, crosses Rs 1 lakh crore mark second time since April
Collections crossed the Rs 1 lakh crore mark for the second time since April, after last month's Rs 1.05 lakh crore.
GST collection crosses Rs 1 lakh crore mark for first time since February
GST revenues for October were 10 per cent higher than in the same month last year, with revenues from import of goods being 9 per cent higher and revenues from domestic transaction (including import of services) being 11 per cent higher.
GST collection from centrally administered assessees rise by 10.16% in September in Bengal
The GST collection in West Bengal from centrally administered assessees has increased by 10.16 per cent in September 2020 as compared to the same month last year, an official said.
View: India heads down right path of economic recovery
India went into the Covid-19 pandemic with a certain factor market design and regulatory architecture in place. But it should emerge out of it with a fundamentally transformed operating environment.
Economy getting back on its feet? 8 indicators that show how trends are shaping up post-coronavirus
After the unlocking began, economic indicators have been showing signs of improvement. For instance, companies' profits grew 26% versus an estimated -2.1% decline. Operating profits also came in above expectations while operating margins also continued to expand.
GST collection in West Bengal improving with growing economic activities: Official
"The collection of the gross GST (Central GST, State GST, Integrated GST and cess) from centrally-administered assessees in West Bengal stood at Rs 1,212.44 crore in July, while the indirect tax revenues in April and May this year were at Rs 345 crore and Rs 745 crore respectively," the official said.
Industry is resetting to be competitive: Nirmala Sitharaman
As a most unusual year comes to an end, finance minister Nirmala Sitharaman is confident that the government’s interventions to revive the economy are working and says reforms will continue with a strong focus on infrastructure.
Centre to release second tranche of Rs 6,000 crore to states as part of GST compensation
The second tranche was raised at a weighted average yield of 4.42 per cent, the finance ministry said in a statement. "This amount will be passed on to the States/UTs at the same interest rate, which is lower than the cost of borrowings for the States and UTs, thus benefitting them," the ministry said.
Centre should now work to re-establish trust with states: Chidambaram on GST row
After the Union government agreed to borrow Rs 1.10 lakh crore on behalf of states to meet the GST shortfall, Congress leader P Chidambaram said Friday that the Centre has taken the "correct first step" and it should now work to re-establish trust with them.
GST collections for June 2020 stand at Rs 90,917 crore
Goods and Services Tax (GST) revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April on Wednesday.GST collections for June 2020 stand at Rs 90,917 crore
June GST collections stand at Rs 90,917 crore
Of the Rs 90,917 cr revenue, CGST stood at Rs 18,980 crore, SGST at Rs 23,970 crore and IGST at Rs 40,302 crore, which included Rs 15,709 crore collected on import, the Finance Ministry said in statement.
COVID-19 Impact: GST collections drop 12% Rs 86,449 crore in August
The GST collection declined for the second consecutive month in August to Rs 86,449 crore, the Finance Ministry said on Tuesday. On year-on-year basis, the August collection was 12 per cent lower compared to Rs 98,202 crore mopped up in the same month last year. The GST collections have faltered since the beginning of the current fiscal as COVID-19-induced lockdown hampered economic activity. The revenue in April was Rs 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore) and July (Rs 87,422 crore).COVID-19 Impact: GST collections drop 12% Rs 86,449 crore in August
India's economy showing signs of improvement, braving the impact of the COVID-19: Assocham
"Be it India's Purchasing Managers' Index (PMI - Manufacturing) or PMI for Services, robust recovery is visible. The PMI for Manufacturing expanded to 56.8 in September 2020, the highest since January 2012. The PMI for Services expanded for the fifth straight month in September to 49.8 from 41.8 in August," AASE noted.
GST collection severely impacted due to COVID-19, Shortfall stands at Rs 2.35 Lakh Cr: Finance Secretary
Central govt released more than Rs 1.65 lakh crore as GST compensation to states for FY 2019-20, including Rs 13,806 crore for March. Total amount of compensation released for 2019-20 is Rs 1.65 lakh crore, whereas cess amount collected was Rs 95,444 crore: Finance SecretaryGST collection severely impacted due to COVID-19, Shortfall stands at Rs 2.35 Lakh Cr: Finance Secretary
Government defers release of April GST collection data
As per convention, the government releases GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising out of COVID-19, the government has decided to wait till the extended deadline for filing returns before release of the collection figure.
Indicators show that India will bounce back to high growth levels: Piyush Goyal
The minister was addressing representatives of Hindustan Chamber of Commerce. He also said that it is the collective effort of industry and the government that has helped in coming back to the recovery phase.
Green shoots visible in September but companies want more support
Purchasing Managers’ Index jumps to the highest in eight-and-half years in September, goods and services tax collections in the month crossed last year’s levels.
Assam has witnessed positive GST growth of 13.49% in September: Himanta Biswa Sarma
Sarma said, "First time since Lockdown, Assam registered positive GST revenue growth of 13.49% in Sept 2020 (Rs 757.94 cr) via-a - vis Sept 2019 ( Rs 667.83cr). We will continue with this momentum to reach our revenue target. @nsitharaman @PMOIndia."
Govt collects Rs 95,480 crore GST in September, highest since lockdown began in March
Collections for September were 10.4% higher than August and 4% higher than last year same month, the finance ministry said in a statement Thursday.
India's GST collections are below potential: IMF team
Multiple rates, exemptions and implementation challenges are affecting goods and services tax (GST) collections in India, an analysis by an International Monetary Fund (IMF) team has said.
Odisha: GST collection in June at 2,693.75 cr, Q1 mop up dips 35% due to lockdown
The goods and services tax (GST) collection in Odisha has fallen by 7.86 per cent year- on-year to Rs 2,693.75 crore in June, amid slowdown in the economy due to the coronavirus crisis, an official said on Sunday. The GST revenue was 2,923.47 crore in the year-ago month.
March GST collections stand at Rs 97,597 crore
February was the fourth consecutive month when collections crossed Rs 1 lakh crore. Central GST mop-up for March stood at Rs 19,183 core as against Rs 20,569 crore in February.
Govt revises target for GST collections again
Target has been raised to Rs 1.15 lakh crore over the next two months and Rs 1.25 lakh crore in March.
GST mop-up in July at Rs 87,422 crore, slips from June collections
"During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19," the finance ministry said in a statement Saturday.
GST collections fall below Rs 1 lakh cr-mark, March revenues stand at Rs 97,597 cr
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.GST collections fall below Rs 1 lakh cr-mark, March revenues stand at Rs 97,597 cr
Centre working with states to improve GST collection: FM
In order to spur growth, the government is trying to frontload infrastructure.
Data analytics, Artificial Intelligence helped improve GST collections: Centre
At the GST Council meetings, there was a feedback from State Finance Ministers about various loopholes due to which tax revenue was not accruing to the government, FM said. Elaborating, Revenue Secretary said that a targeted approach was being followed by tapping on data analytics and Artificial Intelligence and it has helped improve GST collections.
Rebound gathers pace as most indicators show improvement
Centre had announced a significant easing of restrictions in Unlock 1.0 that began on June 1.
GST collection crosses Rs 1.1 lakh crore in January
This is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after high-level meetings with senior officials of the tax department.
ETRISE Top MSMEs Ranking: As GST collections slip, compliance cost increases
A slowdown in consumption is also hurting tax collections and a prolong period of economic uncertainty will further pressure.
GST mop-up hit by Covid, 'act of God': Centre
The Centre had promised to compensate states if collection growth was under 14% in a year.
Government gives leeway to MSMEs from penalties, interest for GST non compliance
Industry trackers say that the government is trying to do a balancing act as it needs more revenue through GST but also doesn’t want to create hurdles for companies in terms of compliance.
GST collection at Rs 1.03 lakh cr in December
Crossing the Rs one-lakh crore mark for the second time in a row, India’s goods and services tax collections for December is at Rs 1.03 lakh crore. It had risen 6% to Rs 1,03,492 crore lakh crore in November, reversing two months of decline, with experts attributing the increase to festive shopping and better compliance.GST collection at Rs 1.03 lakh cr in December
GST collections grow 9% in December to Rs 1.03 lakh crore
Rise due to festive sales and better compliance a sign of revival: Govt sources
View: State governments can be better armed financially to fight Covid-19 by issuing public health bonds
If state governments spend on public health now, chances are high that their residents will be healthier and earn more later. State governments can exploit this ‘virtuous cycle’ to tax their more prosperous residents in the future and repay the bonds. In contrast, raising taxes now could potentially act as a hindrance to economic recovery.
Centre releases Rs 36,400-cr GST compensation to states for 3 months till February
For 2019-20 fiscal (up to November 2019), the Centre has released Rs 1,15,096 crore GST compensation.
GST collection crosses Rs 1 lakh crore mark in November
Helped by government stimulus measures, the Goods and Services Tax (GST) collection in November crossed Rs 1 lakh crore, after dropping below the Rs 1 lakh crore level for three consecutive months amid a deceleration of economic growth. November's GST collection stood at Rs 1,03,492 crore, of which CGST was Rs 19,592 crore, SGST Rs 27,144 crore, IGST collections stood at Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess was recorded at Rs 7,727 crore (including Rs 869 crore collected on imports).GST collection crosses Rs 1 lakh crore mark in November
Finally, some good news: November GST collections up 6%
GST collections were Rs 97,637 crore in November last year and Rs 95,380 crore in October this year. The increase in collections was a sign of economic revival, recovery in demand and measures to ease compliance, government officials told ET. After two months of negative growth, GST revenues witnessed an impressive recovery.
GST collections for February stand at Rs 1.05 lakh crore, fall short of target
It was the fourth consecutive month when GST collections crossed Rs 1 lakh crore
GST collections remain subdued at Rs 95,380 cr in October
Despite improved festive demand, GST collection remained below Rs 1 lakh crore in October. GST collection rose to Rs 95,380 crore in October against Rs 91,916 crore in September, but it was still 5.29 per cent less in comparison to Rs 1 lakh crore collected in the same month last year. This is yet another month in a row when GST mop-up has slipped below Rs 1 lakh crore. Hit by consumption slowdown, the tax collections have been subdued in the last few months. GST collections remain subdued at Rs 95,380 cr in October
Slowdown in three sectors, dip in imports hit GST collection
Auto sector, which has seen sales decline for 11 straight months, led the decline with Rs 3,500 crore, followed by cement (around Rs 1,500 crore) and steel (around (Rs 1,200 crore).
GST collection fall in Jammu and Kashmir due to poor access to internet
Currently, only BSNL landline broadband service with 2G speed is functional in Jammu while the entire Kashmir region with 10 districts is without net facility.
GST collection remains below Rs 1 lakh crore mark at Rs 95,380 crore in October
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark.
View: Govt needs a carrot-and-stick policy for better GST collections
By the Centre's own estimates, the administration succumbed to Rs 45,682 cr in GST fraud by mid last year.
FinMin sets Rs 1.1 lakh crore monthly GST collection target
Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target. The target has been set in the backdrop of the GST collection failing to meet the target for the current fiscal on account of slowdown.
GST collection slips below Rs 1 lakh crore mark to Rs 98,202 crore in August
The numbers are in line with the other disappointing economic indicators.
GST collection slips below Rs 1 lakh crore mark to Rs 98,202 crore in August
The numbers are in line with the other disappointing economic indicators.
Government raises concern over fake invoicing in B2B trade impacting GST collections
"It is not only the government, it is also the industry which also has to play an important role. In GST, we are seeing a lot of fake invoicing and it is from business to business," Thakur said at the annual session of Consumer Electronics and Appliances Manufacturers Association.
Tax authorities detect 634 cases of fraud GST refund claim by exporters worth Rs 1,912 crore
Of the total amount, Rs 238.97 crore had been recovered by the Central GST authorities from the entities which claimed the fraudulent refunds, and 35 people have been arrested by the CGST authorities.
GST collection dips below Rs one lakh crore in June
Gross GST collection stood at Rs 1,00,289 crore in May and Rs 1,13,865 crore in April.
Fiscal deficit hits 132 per cent of Budget Estimate till December
The fiscal deficit or the gap between expenditure and revenue was at Rs 9.31 crore according to the data released by the Controller General of Accounts (CGA).
GST collection jumps to Rs 1.13 lakh crore in April, the highest since its rollout
The GST collections in April jumped to its highest level of Rs 1,13,865 crore since its roll out in 2017.
Precision eye for value-price-quality tradeoff will be vital in your 2020 play
In such a market, precision eye for value-price-quality tradeoff will be vital.
GST collection of states rises to Rs 5.18 lakh cr in FY19
In a written reply to a question in the Lok Sabha, Sitharaman said concerted efforts have been made to improve tax compliance.
Fewer new jobs in FY'20: Report
While the EPFO data suggests that annualised new enrolments could be 106.2 lakh crore for FY’20, the SBI research team calculations show that actual annualised net new payroll could be 73.9 lakhs, about 21 per cent or 15.8 lakh lower than actual net new pay roll generated in FY’18.
Govt has taken steps to address issues without waiting for Budget: Nirmala Sitharaman
Nirmala Sitharaman also said that GST collection, which crossed Rs 1 lakh crore per month mark during the last two months, will remain "good" in coming days. "The government has been regularly taking steps to help sectors which are facing challenges. Without waiting for the Budget, we are taking the steps," the minister said at a press conference here.
Eyeing top 50: Insolvency resolution, cross-border trade, contracts in focus
States might be facing a revenue gap of up to Rs 1.23 lakh crore after withdrawal of GST compensation.
GST collections have grown 4.9 % Y-o-Y: RBI Monetary Policy
According to the Central Bank, the share of SGST collections in total GST revenue has been higher than CGST, attributable to the adjustment for input tax credit.
Record India GST collection an exception rather than the rule
India let fiscal deficit widen for a second straight year as Narendra Modi, who’s seeking a second term in office in elections currently underway, tried to win over voters through cash handouts for farmers and tax cuts for the middle class.
GST collection slips below Rs 1 lakh crore mark to Rs 91,916 crore in September
In another sign of slump, GST collection dropped below Rs 1 lakh cr mark to Rs 91,916 crore for September.
Why it may be premature to cheer the surge in April GST collection
Most leading indicators show production and demand conditions have remained weak.
Haryana Records 18 per cent Growth in GST
This was informed in a review meeting held via Video Conferencing of all DETC’s (ST) of Haryana under the Chairmanship of Excise and Taxation Commissioner, Dr. Amit Kumar Agrawal today. It was informed that the return compliance of the State has also shown marked improvement in the month of November, 2019.
Government releases Rs 35,298 crores GST compensation to states
Under fire over delay in GST compensation, the government today released Rs 35,298 crore to states.
Govt will keep intervening to make India a $5-trillion economy: Nirmala Sitharaman
"I am in constant touch with the industry and various sections seeking out interventions. I expect to be on track for $5 trillion target. We need to address the challenges and difficulties. I am not comparing our numbers today to what it should be but focussing on moving towards achieving the target," Sitharaman said.
Buzz of GST rate hike everywhere except my office: Nirmala Sitharaman
"Buzz is everywhere other than my office," Nirmala Sitharaman said. She was responding to a question on whether the GST Council, which will meet on December 18, take up the matter of hike in rates as the shortfall has hit revenue target of the government. States have complained of delay in GST compensation owing to the shortfall in GST kitty.
Government collects Rs 1,00,289 crore GST in May
This is second month in a row when government has managed to collect GST over Rs 1 lakh.
FM Nirmala Sitharaman says centre committed to paying GST compensation; does not give timeline
During the debate in the Rajya Sabha on the bill seeking Parliamentary nod for additional or supplementary spending in the current fiscal, Congress, Left and TMC raised the issue of non-payment of the GST compensation. The FM said the Centre was committed to discharging its obligation and asserted that "no one should have any doubt".
52,720 Integrated GST refund claims pending for more than one year: Thakur
A number of companies applied for Goods & Services Tax (GST) refund since the introduction of the tax regime, he said, adding a total of 1,86,158 entities have filed 36,42,272 refund applications, out of which 34,46,010 refund applications have been finalised as on December 2.
Parliamentary panel asks government to prevent misuse of input tax credit under GST as collection slows
Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said in its report tabled in Parliament.
Central GST falls short of budget estimate by 40pc in April-November
CGST collection during Apr-Nov stood at Rs 3.28 lakh crore against budgeted estimate of Rs 5.26 crore.
GST collection records Rs 1.06 lakh cr in March
The government collected highest ever GST for the month of March crossing the Rs One lakh crore mark. The government mopped up Rs 1,06,577 crore of which CGST is Rs 20,353 crore, SGST is Rs 27,520 crore, IGST is Rs 50,418 crore (including Rs 23,521 crore collected on imports) and Cess is Rs 8,286 crore (including Rs 891 crore collected on imports). GST collection records Rs 1.06 lakh cr in March
GST collections drop below Rs 1 lakh cr to Rs 98,202 cr in August
India's gross GST collections slipped below Rs 1 lakh crore to Rs 98,202 crore in August, according to official data released on Sunday.Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 lakh crore.The August 2019 mop-up was, however, 4.5 per cent higher than the Rs 93,960 crore collected in the same month last year.This is the second time during this year that the revenue collection from the GST has slipped below the Rs 1 lakh crore mark. First, it happened in June when the collection was Rs 99,939 crore.Central GST collections stood at Rs 17,733 crore, State GST Rs 24,239 crore, and Integrated GST Rs 48,958 crore (including Rs 24,818 crore collected on imports) during August this year, a statement said. GST collections drop below Rs 1 lakh cr to Rs 98,202 cr in August
State governments not keen to levy GST on exempted goods
“Goods on the exempted list are mass-consumption items. No state will agree to include them,” said the finance minister of a BJP-ruled state. West Bengal FM Amit Mitra also dismissed the GST Council secretariat’s suggestion for a review of the exempted items. The secretariat had shot off a letter to states seeking a revision of exempted items.
ET View: Time to boost demand, forget the fiscal deficit target
The time has come for the government to shed its obsession about fiscal deficit targets and borrow more from the market, both to compensate the states for their shortfall in GST collections and to meet its own expenditure commitments. India still has deep reserves of economic resilience and it is necessary to avoid any self-defeating talk of recession.
Poor tax mop-up has states going slow on capex in H1: Report
It can be noted that five Opposition-ruled states led by Bengal and Kerala had on Wednesday threatened to sue the Centre for not transferring their GST share since August. Also, barring for April, GST mop-up has never touched the Rs 1 lakh monthly target this fiscal, averaging below Rs 95,000 crore.
ET Explains: The long and short of Modi govt's big-ticket privatisation drive
The move to privatise some of these big state-run firms reinforces Modi govt's reform credentials.
North eastern states witness over 30% growth in Apr-Jul GST collection
In absolute terms, the total tax collection during April-July of this fiscal year rose to Rs 3.56 lakh crore, as per the data accessed by .
GST collection for April scales to record high at Rs 1.13 lakh crore
GST revenue mop-up scaled a monthly record high of over Rs 1.13 lakh crore in April, an increase of 10 per cent over the collection in the year-ago period, on the back of anti-evasion steps taken by tax officers. Total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April 2019 is the second consecutive month when Goods and Services Tax (GST) collection exceeded Rs 1 lakh crore. In March, the mop-up was Rs 1.06 lakh crore.GST collection for April scales to record high at Rs 1.13 lakh crore
GST collection drops to Rs 97,247 crore in February
The IGST came in at Rs 47,000 crore while the CGST and SGST stood at Rs 17,600 crore and Rs 24,200 crore.
GST collection drops to Rs 97,247 crore in February
The IGST came in at Rs 47,000 crore while the CGST and SGST stood at Rs 17,600 crore and Rs 24,200 crore.
