GST Collection

Gross GST collections grew 8.5 per cent to over Rs 1.82 lakh crore in November on higher revenues from domestic transactions. The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST at Rs 91,828 crore and cess at Rs 13,253 crore, according to government data released on Sunday. The total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November as compared to Rs 1.68 lakh crore in the same month a year ago, it said. In October, GST collections of Rs 1.87 lakh crore were the second-best GST mop-up with 9 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore. During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore. Refunds worth Rs 19,259 crore were issued during the month, registering 8.9 per cent decline over the year-ago period. Aft

This comes amid demands from stakeholders, including states, to reduce GST rates on health and life insurance premiums

An audit system has great advantages over routine tax return verification but requires greater skills

When goods are exported without IGST payment under bond or letter of undertaking, the ITC of GST paid on related inputs and input services remains unutilised

Gross GST collections in August grew 10 per cent to about Rs 1.75 lakh crore, according to government data released on Sunday. Goods and Services Tax (GST) revenues in August last year were Rs 1.59 lakh crore, while in July the mop-up was Rs 1.82 lakh crore. In August 2024, domestic revenue grew 9.2 per cent to about Rs 1.25 lakh crore. Gross GST revenues from import of goods were up 12.1 per cent to Rs 49,976 crore. Refunds worth Rs 24,460 crore were issued during the month, registering an increase of 38 per cent over the year-ago period. After adjusting refunds, net GST revenue increase was 6.5 per cent at Rs 1.5 lakh crore during the month under review.

Gross GST collections rose 10.3 per cent in July to over Rs 1.82 lakh crore, according to official data released on Thursday. As per data released by the government, total refunds stood at Rs 16,283 crore in July. Net Goods and Services Tax (GST) collection after accounting for refunds was over Rs 1.66 lakh crore, a growth of 14.4 per cent. Gross revenues from domestic activities grew 8.9 per cent to Rs 1.34 lakh crore in July. The GST revenue from imports jumped 14.2 per cent to Rs 48,039 crore. GST revenues had hit a record high of Rs 2.10 lakh crore in April 2024.

The Budget has taken up several welcome measures for their benefit and overall trade facilitation

Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said. During the same period last year, net direct tax collection was Rs 4,80,458 crore. Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year. For April-July 11, gross collection of direct taxes (before adjust

It added that the Centre is likely to retain the fiscal deficit target of 5.1 per cent for 2024-25 with a possibility of a downward revision of 10 basis points

GST, which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said

With enhanced revenues, the stage seems set for GST 2.0

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

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

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

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

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

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

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

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