Page 5 - Gst Collection

GST collection, devolution a success story in NE states: FM Sitharaman

The North Eastern states have scripted a success story in the collection and devolution of the Goods and Services Tax (GST), Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here on Friday. According to the 2023 RBI report on state finances, the eight NE states have registered a compounded annual GST hike of 27.5 per cent, she said. Sitharaman was speaking at the Investiture Ceremony for conferring the Presidential Award for Specially Distinguished Record of Service' to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC). Assam was the first state to ratify the GST Act, four days after it was passed and since then there has been a 12 times increase in the collection of taxes, the minister said. Assam's sales tax collection prior to the implementation of the GST was Rs 558.26 crore but this has increased manifold to Rs 7,097 crore. Sikkim and Meghalaya too have registered a significant achievement with the former's collection increas

GST collection in Q1 rose 15%, reflects honest governance: CM Kejriwal

The Delhi government's GST collection rose 15 per cent in the first quarter of the 2023-24 fiscal compared to the year-ago period, with Chief Minister Arvind Kejriwal saying honest governance leads to increased revenue. According to figures shared by the chief minister on Twitter, the first quarter collections of goods and services tax (GST) in the past five years almost doubled from Rs 4,419.71 crore in 2018-19 to Rs 8,028.91 crore in 2023-24. Kejriwal said the growth meant his government will have more money to spend on building schools, hospitals and infrastructure. "Governments often say they don't have money for making good schools and hospitals. But our government in Delhi has shown that honest governance leads to increased revenue. "Delhi's first quarter GST collection has increased at an impressive 15 per cent from last year. This is how we will have money to build more schools, more hospitals, more infrastructure for the people of Delhi," he tweeted. Finance minister Atis

6 years of GST: Rs 1.5 trn monthly tax revenues becomes 'new normal'

Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC). Data analysis and physical checks alone cannot completely solve the problem. The GSTN should enable linking of invoice level informati

Top 18 Indian states to record revenue growth of 6-8% in FY24: CRISIL

The growth will be predominantly supported by the Goods and Services Tax (GST) collections, devolutions from the Centre and taxes & duties on liquor sales

GST collection to car sales: May data paints healthy picture of economy

GST collection, car sales post robust numbers

GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds

Strong increase in line with GDP growth estimate in FY24, say experts

Cautious optimism

Incoming data must be read carefully

Himachal Pradesh's GST collection rises 19% in April to Rs 593 crore

The GST collection in April has recorded an increase of 19 per cent in Himachal Pradesh with a collection of Rs 593 crore, Commissioner of State Taxes and Excise Yunus said

Record GST collection but IGST on imports fell 5% on lower commodity prices

If this trend continues, the decline in IGST might indicate weak customs duty collections in FY24

April GST collection of Rs 1.87 trn is robust, reasonable, says Icra

According to Jalan, the Central Board of Indirect Taxes and Customs (CBIC) is expected to achieve more, which it has not in April 2023 wherein the growth in GST Collections is exactly 12 per cent

Record GST collection in April is 'great news' for economy: PM Modi

Prime Minister Narendra Modi on Monday said the highest ever monthly GST collection of Rs 1.87 lakh crore in April is a "great news" for the Indian economy. Gross Goods and Services (GST) collection in April rose 12 per cent on an annual basis to touch the all-time high level. The collection in April was Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore recorded in April 2022. "Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance," Modi said in a tweet. GST came into force from July 1, 2017.

GST collection rises to all-time high of Rs 1.87 trillion in April

GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year. "The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said. During the month, the revenues from domestic transactions (including import of services) are 16 per cent higher than the revenues from these sources during the same month last year. The total gross collection for the 2022-23 fiscal stood at Rs 18.10 lakh crore, 22 per cent higher than the previous year.

GST mop up at all-time high of Rs 18 trillion in FY23, shows data

The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds

Govt may close FY23 with Rs 50,000 cr shortfall in direct tax mop up

Deficit in overall indirect tax receipts likely due to contraction in customs and excise collections

Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

February GST collections rise 12% to Rs 1.49 trillion: Finance Ministry

GST collections rose 12 per cent to over Rs 1.49 lakh crore in February, the finance ministry said on Wednesday. February 2023 witnessed the highest cess collection of Rs 11,931 crore since implementation of GST. The collections are, however, lower than the second highest Goods and Services Tax (GST) mop-up recorded in January at over Rs 1.57 lakh crore. The collection reached an all-time high of Rs 1.68 lakh crore in April 2022. "The gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore of which CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) and cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods)," the ministry said in a statement. The revenues for the month of February 2023 are 12 per cent higher than the GST revenues in February 2022, which was Rs 1.33 lakh crore. Normally February, being a 28-day month, witnesses a relatively lower collection o

Adani Wilmar's Solan facility raided for alleged GST violations: Report

Adani Wilmar had failed to deposit GST collection for "several years" and this reportedly led to the inspection

Day ahead of Budget, FinMin reports robust GST mop up of Rs 1.56 trn in Jan

The figure amply indicates that tax revenues are likely to remain strong in 2022-23, and may help the Centre retain the 6.4% fiscal deficit target for the current financial year

GST collection in Karnataka over Rs 10,000 crore: CM Basavaraj Bommai

Chief Minister of Karnataka Basavaraj Bommai on Wednesday said the monthly collection of goods and services tax (GST) in the State has crossed Rs 10,000 crore for three months in a row. He said Karnataka is behind Maharashtra in emerging out of the impact of the COVID-19 pandemic. Karnataka's monthly GST collection has crossed Rs 10k crore for 3 months in a row, just behind Maharashtra. The positive growth proves we are on the trajectory of good growth & well past the negative impact of the Covid-induced slowdown. Proud to be boosting national economy, Bommai tweeted. According to data given by the Chief Minister, Maharashtra was in number-one spot with Rs 23,598 crore in December, Karnataka in second with Rs 10,061 crore and Gujarat third with Rs 9,238 crore followed by Tamil Nadu with Rs 8,324 crore.

GST mop-up about Rs 1.5 trillion in Dec, third-highest ever: FinMin data

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion