Page 3 - Gst Collection

7 yrs of GST: Avg monthly mop up surge by 87% despite certain challenges

With enhanced revenues, the stage seems set for GST 2.0

GST collection soars 10% to Rs 1.73 trn in May, FY25 mopup at Rs 3.83 trn

Trend indicates tax collection to remain above Rs 1.7 trillion during the fiscal year

GST collection rises 10% to Rs 1.73 trn in May on higher revenues

The country's gross GST collections rose to Rs 1.73 lakh crore in May, growing 10 per cent year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday. GST collections had touched a record high of Rs 2.10 lakh crore last month. "The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 lakh crore," the ministry said in a statement. The 10 per cent year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions (up 15.3 per cent) amid slowing of imports (down 4.3 per cent). After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year. The gross GST collections in FY25 till May 2024 stood at Rs 3.83 lakh crore, which is a 11.3 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in import

Indices rebound on record GST collections, positive manufacturing data

Kotak Mahindra Bank was the biggest loser, dropping 2.95 per cent after the bank announced the exit of its joint managing director KVS Manian

Ratio of GST collections to GDP is increasing, albeit at a slow pace

GST receipts rose more than GDP growth in nominal terms in the past three years. But buoyancy came down from 1.6 to 1.3 during the period

GST collections hit Rs 1.78 trillion in March, the second highest ever

Net GST collections rise 18.4% in March, 13.4% in FY24

Odisha registers 10.73% increase in gross GST collection during FY24

Odisha has recorded a growth of 10.73 per cent in gross GST collection in the 2023-24 fiscal, a statement said on Monday. The state has collected Rs 54,747.97 crore in gross GST from April 2023 to March 2024. The highest-ever monthly collection of gross GST of Rs 5,135.81 crore was recorded in February, said the statement issued by the Commissionerate of CT & GST, Odisha. The highest and second-highest ever monthly collection of state GST (OGST+IGST settlement) were recorded in November (Rs 2,700.85 crore) and December (Rs 2,528.41 crore). Similarly, the progressive collection of state GST (OGST+IGST settlement) up to the month of March 2024 was Rs 24,051.45 crore against the collection of Rs 18,600.52 crore up to March 2023, registering a growth of 29.31 per cent.

March GST collection grows 11.5% to Rs 1.78 trillion, says FinMin

The gross total GST collection for FY24 stood at Rs 20.14 trillion, up by 11.7 per cent when compared to FY23

Punjab's GST mop-up increases by 16% to over Rs 19,000 crore till February

The Goods and Services Tax (GST) collection in Punjab jumped 15.69 per cent to Rs 19,222 crore in the current financial year so far, while the state's excise revenue rose 11.71 per cent to Rs 8,093.59 crore. The net GST collection up to February in the current fiscal year stood at Rs 19,222.5 crore, up from Rs 16,615.52 crore collected during the same period of the preceding fiscal, finance minister Harpal Singh Cheema said on Sunday. Cheema further said that the state's excise revenue also witnessed an impressive growth of Rs 842.72 crore with the overall collection of Rs 8,093.59 crore as against Rs 7,244.87 crore recorded during the same period a year ago, according to an official statement. Cheema said that the state has seen a shift in its fiscal trajectory since Chief Minister Bhagwant Singh Mann-led AAP government assumed office in March 2022. "With better planning and implementation, the state has recorded net tax revenue growth of 13.85 per cent, surpassing Rs 34,158 crore

Avg monthly GST earnings to grow 11% to Rs 1.85 trn in FY25: Revenue secy

The government expects average monthly GST collections to touch about Rs 1.85 lakh crore in the next fiscal, up from about Rs 1.66 lakh crore this year, Revenue Secretary Sanjay Malhotra said on Friday. In a post-Budget interview with PTI, Malhotra also said the incorporation date for startups to avail of tax benefits for three years out of 10 have been extended by a year till March 31, 2025. He also said the customs duty cut in mobile spare parts and components to 10 per cent is intended to simplify tax structure, reduce classification disputes and should further spur investment in mobile manufacturing. Finance Minister Nirmala Sitharaman in her 2024-25 interim Budget speech had said the GST taxpayer base as well as monthly revenues have doubled since its launch. The monthly Goods and Services Tax (GST) collection has crossed Rs 1.70 lakh crore in three months this fiscal, taking the average monthly mop-up to Rs 1.67 lakh crore in current fiscal. "GST collections are expected to g

Cong MP asks for higher share in Budget, demands separate nation for south

Karnataka politician DK Suresh threatened a call for separate nationhood for southern states after accusing the Centre of disproportionately distributing share of GST and direct tax funds

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

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January GST collection rises 10.4% to Rs 1.72 trn, second-highest ever

RE for CGST may be higher than BE in the interim Budget today

GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever

Goods and Services Tax (GST) collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, the finance ministry said on Wednesday. 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 gross GST revenue collected in the month of January 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4 per cent y-o-y growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the ministry said. During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 lakh crore against Rs 14.96 lakh crore collected in the same period of the previous year(April 2022-January 2023). The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.

India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion

This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion

Automobile major M&M gets Rs 4.12 crore tax penalty; company to challenge

Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the office of the Deputy Commissioner, State Tax, Audit Wing, Indore-01, Madhya Pradesh imposing a penalty amounting to Rs 4,11,50,120 to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company. One of the reasons for imposing the penalty is that the "invoices basis which Input Tax Credit (ITC) has been claimed by MTWL are not reported by vendors in GST returns and thus are not appearing in auto populated GSTR-2A". Also, another reason is that the "carry forward of Education Cess credit balance (is) not allowed from pre-GST regime to GST regime". Based on its assessment, M&M said "an appeal

I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

Avg monthly GST mop-up at Rs 1.66 trn so far this fiscal: FM Sitharaman

The GST collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday. In a written reply to a question in the Lok Sabha, she said the GST collection crossed Rs 1.50 lakh crore mark in every month of the current fiscal and had touched a record high of Rs 1.87 lakh crore in April 2023. "GST collection has been showing an upward trend on year-on-year basis since the implementation of GST w.e.f. 1st July, 2017... The average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore and is 11 per cent more than that in the same period in the previous financial year," Sitharaman said. The average monthly Goods and Services Tax (GST) collection in 2022-23 was over Rs 1.50 lakh crore, higher than Rs 1.23 lakh crore in 2021-22. In 2020-21, the average monthly mop-up was Rs 94,734 crore. In reply to

Odisha's GST collections rise by 10.81% to Rs 4,176 crore in October

Odisha's GST collections increased by 10.81 per cent to Rs 4,176.94 crore in October, officials said on Wednesday. The state had collected a gross GST revenue of Rs 3,769.44 crore in the same month last year, they said. The OGST collection during the month was Rs 1,306.47 crore, as against Rs 1,058.38 crore during October 2022, a growth of 23.43 per cent, they said. At the national level, GST collections increased 13 per cent to Rs 1.72 lakh crore in October, the second highest-ever, helped by momentum in the economy, efforts of taxmen in checking evasion and festive demand. "GST revenue collection for October 2023 is second highest ever, next only to April 2023, at Rs 1.72 lakh crore; records increase of 13 per cent Y-o-Y," the Finance Ministry said in a statement.