Tag: goods and services tax

India's tax collection from the sale of goods and services increased to Rs 1.51 trillion in October. This record collection is driven by festive demand, higher rates, and better tax compliance. The revenue for October is the second-highest monthly collection, next only to April 2022, and it is for the second time the gross GST collection has crossed Rs. 1.50 trillion mark. October also saw the second-highest collection from domestic transactions after April. This is the ninth month, and for the eighth month in a row, that monthly GST revenue has been more than Rs 1.4 trillion. In September 2022, as many as 83 million e-way bills were generated, compared to 77 million in August 2022. Read more

In its 44th meeting today(12th June 2021), the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, approved all recommendations of GoM on rate rationalisation. The GoM, set up by the Council on May 28, was mandated to look at tax exemption and concessions on various Covid items including vaccines, drugs, and equipment. GST on ambulances has been reduced to 12% from the current 28%. GST Council slashed the tax rate from 12% to 5% on medical grade oxygen, BiPaP machines, oxygen concentrators, ventilators, hand sanitisers, temperature check equipment, high flow nasal cannula, pulse oximeter. Also, the tax on Covid testing kits has been brought down to 5% from 12%. "Today's meeting was a single-agenda meeting on the Group of Ministers which was constituted in last GST Council meeting to come up with recommendations on tax relief for Covid-19 essentials," said Finance Minister. Read more

GST (Goods and services tax) collections have hit a record of over Rs 1.15 trillion in December against Rs 1.04 trillion the previous month. Before this, the highest GST collection was Rs 1.14 trillion in April 2019. The collections were 10.57 percent higher month-on-month and 11.65 percent higher on a year-on-year basis despite the fact that the base was elevated on both the yardsticks. The government had collected Rs 1.03 trillion in December 2019. December is the third straight month when the collections crossed the Rs one trillion mark. Some of it could also be due to the plugging of GST revenue leakage by the government on account of fake credits through fraudulent invoicing and the introduction of e-invoicing. E-invoicing is mandatory for companies with an annual turnover of Rs 500 crore from October 2020 onwards and was extended to those with an annual turnover of Rs 100 crore from today.