Tag: gst

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

India's Gross GST collection in March touched an all-time high of over Rs 1.42 trillion, the Finance Ministry said today(1 April 2022). The gross GST revenue collected in March 2022 is Rs 1.42 trillion, of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods). The gross GST collection in March 2022 is an all-time high, breaching an earlier record of nearly Rs 1.41 trillion collected in January. Read more

GST collections in February stood at over Rs 1.33 trillion in February 2022, an 18 percent growth over the year-ago period, the Finance Ministry said today(1st March 2022). The February mop-up was impacted by the Omicron wave that swept through the country and hence, the gross sales tax collection was lower than the record Rs 1,40,986 crore netted in January. "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)," the ministry said in a statement. Read more

GST collection grew 23 percent in September compared to the same period last year and even surpassed the pre-covid year of 2019-20. The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery for the Coronavirus (Covid-19) battered economy. “Coupled with economic growth, anti-evasion activities, especially action against fake billers, have also been contributing to the enhanced GST collections. It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues," the finance ministry said today(1st Oct.2021). While the improvement in the collection is also evident month on month as in August the collection stood at Rs 1.12 trillion, in July, the collection stood at Rs 1.16 trillion. Read more

GST collections for the month of June fell below Rs 1 trillion for the first time in months, according to the government data released today(7t6th July 2021). The gross GST revenue collected in the month of June is Rs 92,849 crore. The collection dropped below the Rs 1 trillion marks after posting above the mark for eight months in a row. GST collections moderated to an eight-month low of Rs 1.02 trillion in May. The revenues for the month of June 2021 are 2 percent higher than the GST revenues in the same month last year. The figures include GST collection from domestic transactions between June 5 to July 5 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June for the taxpayers with the aggregate turnover up to Rs 5 crore in the wake of covid pandemic second wave.

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

Surpassing the previous high in March, GST collections in the month of April set another fresh record at Rs 1.41 trillion, according to the government data released today(1st May 2021). April month's GST revenues are about 14 percent higher when compared with the collections of the previous month. GST collections have consistently crossed Rs 1 trillion marks for the last seven months. "Despite the second wave of coronavirus pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience by not only complying with the return filing requirements but also paying their GST dues in a timely manner during the month," the government said in an official statement. During April, the revenues from the domestic transactions (including import of services) are 21 percent higher than the revenues from these sources during the last month. Read more

The GST revenue collections in March 2021 at nearly Rs 1.24 trillion, were the highest since the tax system's introduction in July 2017, the government said today(1st April 2021). Also, the collections were up 27 percent when compared with the year-ago period. The government said that the GST revenues were above Rs 1 trillion for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post-pandemic. "Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months," it said. Of the total revenue collected, CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods). Read more

India and the U.S. are the two most investor-friendly markets in the world in terms of best practices for portfolio disclosure, while Australia ranks at the bottom, according to a global study by Morningstar Inc. The two countries earned top grades for their robust disclosure regimes across six categories including fees, transparency of fund holdings, and issues such as conflicts of interest. The report covering 26 markets across North America, Europe, Asia, and Africa singled out Australia as a notable laggard. “The U.S. has consistently led the pack in this area, while India has gradually added global best practices to its disclosure framework,” Christina West, director of manager research services at Morningstar and co-author of the study, said in a statement. “India has also set a high standard with monthly required portfolio holdings disclosure.”

GST collections surpassed Rs one trillion for the second month straight in November. The mop-up was Rs 192 crore less at Rs 1.049 trillion in November compared to Rs 1.051 trillion in October. This is the straight third month when the collections rose year-on-year. November collections were 1.42 percent higher than the same month of the previous year. That way, the yearly growth came down from 10.25 percent in October and 3.87 percent in September. Collections are mostly for transactions done in October, representing the impact of the festival season.

The Central govt. has received support from 21 states and Union Territories (UTs) for its offer of the Rs 97,000-crore Reserve Bank of India (RBI) window giving them compensation under the goods and services tax (GST) regime. This will help clear this proposal at the GST Council in case of a vote. The 21 states and UTs are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh (UP), said finance ministry sources.