In November monthly GST revenues collection had crossed more than Rs 1.4 lakh crore mark for the ninth straight month in a row. Government data said the CGST figure was at Rs 25,681 crore, SGST at Rs 32,651 crore, IGST at Rs 77,103 crore. Here are the details:
Another milestone has been crossed for September as more than 1.1 crore e-way bills and e-invoices generated without any glitch on the GST Portal portal run by NIC.
August is the sixth straight month when Goods and Services Tax collection has crossed Rs 1.40 lakh crore. The revenues for the month of August 2022 are 28% higher than the GST revenues in the same month last year.
For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh crore, showing a steady increase every month.
GST collection had crossed Rs 1.40 lakh crore mark fourth time since inception of GST and third month at a stretch since March 2022, the Finance Ministry said in a release.
Electronic permits for goods shipment within and across states in March have shot up to Rs 78.1 million, the highest since November 2020
This tax complication comes at a time when top companies are complaining of high attrition. The ruling in the case of Bharat Oman Refineries is set to result in scrutiny by the tax department in the coming months as there's already confusion over the issue.
There is something common between a chai at a Udupi Hotel and Cappuccino at Starbucks – GST on the bill. The tax has done something that years of many “ïsms” couldn’t achieve – bring a suited man on par with an auto driver. On the other hand, this tax has divided the country in many ways. While expanding the tax net, GST coffers are brimming, but state governments complain that the central government is closing its fist while distributing it to them. So in the top government echelons and chai stalls alike, there is a lot of talk on the Gabbar Singh Tax – a humorous misnomer that compares it to a popular film screen villain character in one of the biggest blockbusters in India.
At an aggregate level, the state taxes that are subsumed in GST accounted for 55% of states’ own tax revenue and grew at 14.0% during FY12-FY17, the report said.
The government had set up 18 sectoral groups to ensure smooth transition to GST. The law committee, which is meeting on Thursday and Friday, would take a final view on this now.
Key consumer goods companies also promised price cuts in the weeks ahead on new stocks made after July 1, a day after HUL reduced prices of some products.
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