May Gst Collections

GST collection rises by 8.5% to over Rs 1.82 trillion in November

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

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Senior tax officers can issue directions for early GST recovery: CBIC

The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order. Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act within three months from the date of service of such order, the tax officer can initiate recovery proceedings only after the expiry of this period. However, in exceptional cases where it is necessary in the interest of revenue, the proper officer, after recording the reasons in writing, may ask a taxable person to pay the amount within a period shorter than three months. The Central Board of Indirect Taxes and Customs (CBIC) said it has been brought to its notice that some of the field formations are initiating recovery before the specified period of three months from the date of service of the order, even in the cases where the taxable person has not been specifically required by the proper ...

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

Odisha posts 11% YoY growth in collection of GST in May to Rs 4,397 cr

Odisha registered over 11 per cent growth in collection of gross GST in May to Rs 4,397.73 crore, an official said on Thursday. The state had mopped up Rs 3,955.75 crore in the year-ago month. Odisha also posted a 30.28 per cent growth in the state GST and Integrated Goods and Services Tax settlement at Rs 1,675.77 crore in the last month, the official said. The progressive gross GST collection up to May this year stands at Rs 9,433.47 crore as against a mop-up of Rs 8,865.98 crore in the same period last year, recording a 6.40 per cent growth. In May, 20.40 lakh waybills have been generated, up by 18 per cent from 17.26 lakhs in the year-ago month.

GST mop-up crosses Rs 1.5 trillion for third month in a row; up 12% in May

The collections, tax experts said, reflects a continuation of the good economic performance across states witnessed since last year

Is the Indian economy out of the woods?

The central govt mopped up Rs 1.41 tr as GST collection in May, way above the FY22 average of Rs 1.23 tr. Auto sector also reported improved sales. Do these reflect a revival in Indian economy?

GST collections slip below Rs 1.5-trn mark in May despite 44% YoY increase

In April, GST collections had touched a record high of Rs 1.68 trillion, surpassing the Rs 1.5-trillion mark for the first time

Amid curbs, GST collection in May drops to Rs 1.02 trn vs Rs 1.4 trn in Apr

However, when compared with the same month last year, the revenues collected in May are 65 per cent higher

Green shoots of recovery? GST mop-up improves in June, crosses Rs 90,000 cr

However, the rate of decline has come down considerably to just 9.02 per cent from 38.17 per cent in May and 71.63 per cent in April

June GST collections at Rs 90,917 cr, up from Rs 62,009 cr mopped up in May

The government had allowed a relaxed time schedule for filing of Goods and Services Tax (GST) returns

The GST structure may be in for an overhaul

Some items will also be removed from the GST exemption list that attracted some form of taxation in the pre-GST regime

GST collections touch Rs 1 trn in May; 7.25 million GSTR-3B returns filed

The gross collection in May at Rs 1,00,289 crore is, however, lower than Rs 1,13,865 crore collected in April