GST collection tops Rs 1 lakh crore for third straight month
Business | October 01, 2021 12:38 ISTGST collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore.
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.
The gross GST collection in August stood at Rs 86,449 crore, down from Rs 87,422 crore collected in July, the Finance Ministry said on Tuesday.
The country's GST collections declined to Rs 87,422 crore in July from Rs 90,917 crore in the previous month, a finance ministry statement said on Saturday. The July collections, however, are higher than Rs 62,009 crore goods and services tax (GST) mopped up in May and Rs 32,294 crore in April.
The government on Friday deferred the release of April GST revenue collection data due to the ongoing lockdown, sources said. The government had last month extended the deadline to file GST returns for March to May 5, from April 20.
Goods and Services Tax (GST) revenue in March stood at Rs 97,597 crore, lower than over Rs 1.05 lakh crore collected in February. Of the total Rs 97,597 crore revenue, the central GST stood at Rs 19,183 crore, state GST at Rs 25,601 crore and integrated GST at Rs 44,508 crore.
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