GST Revenues

The Punjab cabinet gave its nod on Saturday to the excise policy for 2024-25, which is aimed at garnering revenue to the tune of more than Rs 10,000 crore from the sale of liquor. A decision to this effect was taken at a cabinet meeting chaired by Chief Minister Bhagwant Mann here. Addressing reporters here after the meeting, Finance Minister Harpal Singh Cheema said the cabinet has approved the new excise policy -- the third such policy of the Aam Aadmi Party (AAP) government. "For the first time, more than Rs 10,000 crore will be generated from it," Cheema said. He said during the previous Congress regime, the revenue from liquor sale was merely Rs 6,151 crore. The new excise policy envisages allotment of liquor vends through a draw of lots, the minister said, adding that instead of 172 groups, 232 groups have been formed this time. "Liquor vends will be allotted through a draw of lots," he said. In another decision, the cabinet also gave its approval for allowing colonisers t

Punjab recorded a 28.2 per cent rise year-on-year in goods and services tax revenue during April-August 2023, state Finance Minister Harpal Singh Cheema said on Tuesday. A total of Rs 8,524.17 crore in GST has been mopped up during the first five months of the current fiscal against Rs 6,648.89 crore collected in the year-ago period, Cheema said. An additional revenue of Rs 1,875.28 crore has been collected from GST up to August this fiscal. In an official release, Cheema said the total revenue collected from GST, excise, value-added tax and other sources in 2023-24 registered an increase of 17.49 per cent as compared to the last fiscal year.

The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters. A 11 per cent growth roughly translates to around Rs 1.60 lakh crore. He was replying to a question on the expected GST revenue numbers for August, the data for which will be released later on Friday. Malhotra said GDP growth was 7.8 per cent in June quarter and nominally it has grown 8 per cent. "GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3," Malhotra said. Malhotra said GST collections have grown by more than nominal GDP and this is despite no increase in tax rates. This is because of better compliance and improved tax collection .

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

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

Will bumper GST collections weaken states' case for compensation?

The GST compensation remains a bone of contention between the Centre and states. So, as the GST collections continue to soar, will it hit the states' case which has been demanding its extension?

Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it

Collection remains above Rs 1.4 trn for fifth straight month

On a year-on-year basis, the July GST collection witnessed a 33 per cent jump

Since the collections were till 6 pm on January 31, some more money is expected to come into the government coffers for the month

GST collections for January touched an all-time high of about Rs 1.20 trillion, the Finance Ministry said on Sunday.

This leaves Jharkhand as the odd one out

States could borrow via a special window centre will facilitate through the RBI or they may raise debt from the market, says finance ministry

Even BJP-ruled states like Karnataka suggest central govt should borrow to compensate states

Set to seek higher borrowing limits as revenues dry up

The government has rung up just about Rs 95,000 crore as GST in April and May together, and that is less than half compared with the collection in the corresponding months last year.

All the states may see around Rs 5,000 crore of GST collections in 2020-21

At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula

Wide variations in growth estimates for state GST raise serious questions about the assumptions on which the projections were made