GST from domestic transactions grew 10.6 per cent to Rs 1.42 lakh crore, while tax on imports rose about 4 per cent to Rs 45,096 crore during October 2024.
In a positive economic development, the government announced that July's Gross Goods and Services Tax (GST) collections have surged by 10.3%, reaching over Rs 1.82 lakh crore. This marks a significant improvement from the same period last year.
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and services. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.
Notably, this is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. The government has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection.
Goods and Services Tax (GST) collections have jumped 15 per cent to over Rs 1.67 lakh crore in November, the Finance Ministry informed on Friday.
In October 2023, India's Goods and Services Tax (GST) collection reached an impressive ₹1.72 lakh crore, marking the second-highest collection ever recorded, with a remarkable year-on-year growth of 13%.
The Central Board of Indirect Taxes and Customs (CBIC) has said that since Gangajal is part of puja items used by households, such things are exempted from the Goods and Services Tax (GST).
The government has convened a Special Session of Parliament from September 18 to 22. The session began with PM Narendra Modi's address to the Lower House.
According to official data, the GST revenues generated in July were 11 per cent higher than it was registered in the same month in 2022.
From August 1, 2023, various changes linked to GST, payments system, bank transactions will come into effect that will directly impact the common man.
The government has announced key changes in the existing GST tax slabs of various goods and services after the 50th GST Council meeting chaired by Finance Minister Nirmala Sitharaman. Here's what has become cheaper and costlier.
The GST Council, which held its 50th meeting under the chairmanship of Union Finance Minister Nirmala Sitharaman, decided to remove the distinction of game of skill and chance in case of online gaming.
Johri further said that the tax authorities are also discussing some more tightening in the GST return filing system to limit the scope of claiming Input Tax Credit (ITC), when taxes have not been paid by suppliers in the supply chain.
Nirmala Sitharaman on GST: Finance Minister added that many common-use items and services have been exempted from GST for the benefit of the people.
The multiplicity of taxes in the pre-GST regime resulted in a "tax-on-tax" effect, causing the same product to be taxed multiple times and hence becoming costlier for the consumers, Finance Minister Nirmala Sitharaman said at the GST Day 2023.
GST collection March 2023: It is for the fourth time, in the current financial year, that the gross GST collection has crossed Rs 1.5 lakh crore mark, registering second highest collection since implementation of GST. This month witnessed the highest IGST collection ever.
In November 2022, 7.9 crore e-way bills were generated, which was significantly higher than the 7.6 crore e-way bill issued in October 2022.
"The collection in September is likely to be little more than Rs 1.45 lakh crore. Improved business activity is expected to yield better collections in coming months," the official said.
GST News: The government has exempted GST from being levied on several food items if they are sold in loose. Check out the list.
Severa non-BJP ruled states want the compensation regime to be extended by 5 years or the share of states in the GST revenues be increased to 70-80 per cent from the current 50 per cent.
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