Page 2 - Gst Collection

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.

October GST collection rises 13% to Rs 1.72 trn, second-highest ever

With this, the average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, an 11 per cent increase year-on-year, the ministry observed

GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever

Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday

Gross GST collection rises 10.2% to over Rs 1.62 trillion in September

September collection at Rs 1.62 trillion, takes the average monthly mop-up to Rs 1.65 trillion in FY24

Odisha's GST collections rose by 12.85% to Rs 4,249 cr in September

Odisha's GST collections increased by 12.85 per cent to Rs 4,249.12 crore in September, officials said on Sunday. The state had collected a gross GST revenue of Rs 3,765.17 crore in the same month last year, they said. The collection to be retained by the state (OGST+IGST settlement) was Rs 1,651.58 crore, against 1,157.08 crore in September 2022, a growth of 42.74 percent, they added. The state generated 20.66 lakh waybills in September, as compared to 17.66 lakh waybills during the corresponding period of last year. Helped by improved compliance, overall GST collections in the country increased by 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during the current financial year.

Gross GST collection rises 10% to over Rs 1.62 trillion in September

Gross GST collection rose 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during current financial year. Gross GST revenue collected last month was Rs 1,62,712 crore. Of this, Central GST was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods). The revenue in September 2023 was 10 per cent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year, the finance ministry said in a statement. "During the month, revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year. It is for the fourth time that gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24," it said.

Punjab records 28% jump in GST revenue in April-August this fiscal

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.

India's GST collection increases 11% to Rs 1.59 trn on better compliance

The government expects average monthly GST collection to be Rs 1.6-1.65 trillion this financial year

GST mop-up rises 11% to Rs 1.65 trn in July on sustained economic momentum

Sustained economic momentum and strong anti-evasion measures have helped boost collection

July GST collection comes at Rs 1.65 trillion, rises 11% YoY

The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST

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