Gst Collections

Gst Collections News

GST collections jump 14% to Rs 1.02 lakh cr in January; revenue figures cross milestone figure thrice this fiscal
Business

GST collections jump 14% to Rs 1.02 lakh cr in January; revenue figures cross milestone figure thrice this fiscal

The total revenue earned by the central government and state governments after regular settlement in December 2018 is Rs 36,107 crore for CGST and Rs 39,503 crore for SGST.

Income tax concessions, farm relief package and support for small businesses may figure in Piyush Goyal's Budget
Business

Income tax concessions, farm relief package and support for small businesses may figure in Piyush Goyal's Budget

Prime Minister Narendra Modi-led government's sixth and final budget before the polls due by May is supposed to be an interim budget or a Vote on Account

GST collections cross Rs 1 lakh crore-mark in January; increase achieved despite tax relief measures: Finance ministry
Business

GST collections cross Rs 1 lakh crore-mark in January; increase achieved despite tax relief measures: Finance ministry

This is the third time in current fiscal that GST (Goods and Services Tax) collections have crossed the Rs one lakh crore-mark

Declining GST revenues: Tax officials likely to examine high usage of input tax credit
Business

Declining GST revenues: Tax officials likely to examine high usage of input tax credit

During the meeting of the GoM, it was pointed out that as much as 80% of the total GST liability is being settled by ITC and only 20% is deposited as cash

Non-filers of GST returns for 6 consecutive months to be barred from generating e-way bills for movement of goods
Business

Non-filers of GST returns for 6 consecutive months to be barred from generating e-way bills for movement of goods

Central tax officers have detected 3,626 cases of GST evasion/violations cases, involving Rs 15,278.18 crore in April-December period.

GST Council cuts rates on 23 items, rationalises 28 percent slab; TVs, movie tickets and power banks get cheaper
Business

GST Council cuts rates on 23 items, rationalises 28 percent slab; TVs, movie tickets and power banks get cheaper

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

GDP growth at 7.1% in Q2: With economy struggling to keep pace, 7.5% full year target looks difficult
Business

GDP growth at 7.1% in Q2: With economy struggling to keep pace, 7.5% full year target looks difficult

The gross domestic product (GDP) growth rates will remain in the news for quite some time now.

Demonetisation and GST: Raghuram Rajan quick to discern headwinds, but loath to read straws in the wind
Business

Demonetisation and GST: Raghuram Rajan quick to discern headwinds, but loath to read straws in the wind

Rajan and his ilk alas have missed the wood for the trees. While 8 percent growth is indeed desirable, 7 percent clocked last year is nothing to scoff at.

Govt pitches for rating upgrade with S&P, cites macro stability amid depreciating rupee, widening current account deficit
Business

Govt pitches for rating upgrade with S&P, cites macro stability amid depreciating rupee, widening current account deficit

Rising oil prices, their impact on government finances and increasing GST collections figured in the discussions between the Finance Ministry officials and representatives of the global credit rating firm S&P

GST compensation worth Rs 52,077 cr paid to states/UTs in eleven months, says government
Business

GST compensation worth Rs 52,077 cr paid to states/UTs in eleven months, says government

Under the Goods and Services Tax (GST), implemented on 1 July, 2017, the Centre has to compensate states/UTs for loss of their revenue on account of implementation of the new indirect tax regime.

GST mop-up rises to Rs 96,483 cr in July from Rs 95,610 crore in June, says finance ministry
Business

GST mop-up rises to Rs 96,483 cr in July from Rs 95,610 crore in June, says finance ministry

Collection on account or Central GST is Rs 15,877 crore, State GST (Rs 22,293 crore), Integrated GST (Rs 49,951 crore) and Cess is Rs 8,362 crore (including Rs 794 crore collected on imports).

Govt must limit populist spending before 2019 polls to adhere to fiscal deficit targets: UBS report
Business

Govt must limit populist spending before 2019 polls to adhere to fiscal deficit targets: UBS report

Swiss brokerage UBS on Tuesday said the Centre should stay away from populist spending ahead of the 2019 general elections to adhere to fiscal deficit targets

GST collections will exceed Rs 13 lakh crore in current fiscal, says finance minister Piyush Goyal
Business

GST collections will exceed Rs 13 lakh crore in current fiscal, says finance minister Piyush Goyal

Goyal said with more number of people coming under GST, and successful implementation of e-way bill system, there will be scope for rationalisation of tax slabs

GST collections rise to Rs 95,610 crore in June, says finance secretary Hasmukh Adhia
Business

GST collections rise to Rs 95,610 crore in June, says finance secretary Hasmukh Adhia

Of the total Rs 95,610 crore gross revenue collected in June, Rs 15,968 crore is on account of CGST, Rs 22,021 crore SGST, Rs 49,498 crore (including Rs. 24,493 crore collected on imports) on account of Integrated Goods and Services Tax (IGST) and Rs 8,122 crore from cess

One year of GST: Indirect tax regime is a great success; has led to growth in GDP, says Adi Godrej
Business

One year of GST: Indirect tax regime is a great success; has led to growth in GDP, says Adi Godrej

India’s gross domestic product (GDP) grew at 7.7% in the fourth-quarter of the 2017-18 financial year and that was because of GST, believes Adi Godrej

One year of GST: Government could push a raft of anti-evasion measures if compliance or collections dip
Business

One year of GST: Government could push a raft of anti-evasion measures if compliance or collections dip

Several changes in GST compliance during the initial phase had disturbed businesses and hence there would be a conscious effort to reduce the level of compliances in the coming year

One year of GST: The roller-coaster ride is over and businesses are now prepping to switch to cruise control
Business

One year of GST: The roller-coaster ride is over and businesses are now prepping to switch to cruise control

If voluntary courting of GST by SMEs can swell the revenue kitty, robust self-policing can add much more to the government's coffers.