GST Collections: This is the fourth time when GST collections crossed Rs 1.40 lakh crore mark since the inception of the tax regime in July 2017 and the third straight month since March 2022.
The gross GST collection in April 2022 is an all-time high and Rs 25,000 crore more than the previous highest collection of Rs 1.42 lakh crore recorded in March.
The previous high for collection of revenues from goods sold and services rendered was in January 2022 at over Rs 1.40 lakh crore.
The gross GST revenue collected in February 2022 is Rs 1,33,026 crore of which Central GST is Rs 24,435 crore, State GST is Rs 30,779 crore, Integrated GST is Rs 67,471 crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods).
GST collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore.
Goods and Services Tax (GST) collection in August at over Rs 1.12 lakh crore: Finance Ministry.
Expressing satisfaction on overcoming most of the GST implementation challenges, including two waves of the COVID-19 pandemic, Sitharaman also thanked taxpayers for their support in making the GST a reality.
The Central Board of Indirect Taxes and Customs (CBIC) has launched a special drive to clear all pending GST refunds by month-end.
GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months.
GST collections crossed the Rs 1 lakh crore-mark for the fifth month in a row in February, rising 7 per cent annually to over Rs 1.13 lakh crore, indicating economic recovery, the finance ministry said on Monday.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy.
Jharkhand, the only remaining state, has now communicated its acceptance of Option-1 given by the Centre.
Revenue from Goods and Services Tax in November is the second straight month in the current fiscal when GST revenue has topped Rs 1 lakh crore.
Tax officials have been directed to follow up personally with these defaulting taxpayers so that their GSTR-3B returns due for October get filed by Nov 30.
This is the first time in the current financial year that the gross GST collections has crossed the Rs 1-lakh-crore-mark.
“Having come half way through for amicable settlement on issue of who should borrow, centre now should take initiative to settle remaining issue: How much to borrow?” Isaac tweeted.
The GST Council met for the third time in a row to discuss the issue of funding the revenue shortfall of states. Earlier in the day, finance minister announced a slew of measures to boost consumer spending in the economy.
The Goods and Services Tax (GST) collections in September stood at Rs 95,480 crore, the highest level so far this fiscal, the Finance Ministry said on Thursday.
The GST Council is likely to approve a two-year extension of the compensation cess levy on goods and services to allow the Centre to pay the entire shortfall in GST tax collection by states expected till June 2022.
As many as 13 states ruled by the BJP and parties that have supported it on various issues have submitted their borrowing options to the Centre to meet the GST revenue shortfall. These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand, Meghalaya, Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh.
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