GST collections News

FMCG stocks also edged lower. Defence stocks, however, saw strong buying after the government cleared several high-value contracts. 

GST collections went up by 9.9 per cent to Rs 1.96 lakh crore during March this year compared to the same month of the previous year, reflecting the higher level of economic activity and better compliance. 

In comparison, February saw Central GST collections at Rs 35,204 crore, State GST at Rs 43,704 crore, Integrated GST at Rs 90,870 crore, and compensation cess at Rs 13,868 crore. 

The Integrated GST mop-up reached Rs 90,870 crore, and the compensation cess collected was Rs 13,868 crore. 

During the month, refunds worth Rs 22,490 crore were issued, registering 31 per cent increase over the year-ago period. 

The government aims to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current financial year from 5.6 per cent in 2023-24.

India’s Goods and Services Tax (GST) collections rose to Rs 1.87 lakh crore in October, the second-highest monthly revenue since the GST system was introduced in 2017.  

In April this year, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.

GST collections during the April-September period of the current fiscal year grew 9.5 per cent to over Rs 10.87 lakh crore. 

The Finance Minister proposed some measures in the Budget to signal that new GST 2.0 will unlock trade potential and further ease compliances in the tax laws to foster further economic growth. 

In June 2022, total GST collections were at Rs 1.44 lakh crore. Last month, the five-year of the GST regime was completed. GST was introduced in the country w.e.f. 1st July 2017 and States were assured compensation for loss of any revenue.

GST revenue for May stood at nearly Rs 1.41 lakh crore. GST collection figure in May was Rs 1,40,885 crore. The two-day 47th GST Council meeting in Chandigarh just finished.

GST revenues came in lower than the record high collection in April at Rs 1.68 lakh crore. In March 2022, GST revenues were at Rs 1.42 lakh crore. In February, collections were Rs 1.33 lakh crore.

Sitharaman also thanked the taxpayers, and said, “Taxpayers deserve applause." GST collection in January had witnessed a growth of 15 per cent over the year-ago period. January 2022 is the fourth month when GST collection has surpassed the Rs 1.30 lakh crore mark.

GST revenues are 23 per cent higher than revenues in September 2020. CGST in September 2021 stood at Rs 20,578 crore. SGST was Rs 26,767 crore while the IGST was Rs 60,911 crore.

The mop up in August is, however, lower than Rs 1.16 lakh crore collected in July 2021. The revenues for the month of August 2021 are 30 per cent higher than the GST revenues in the same month last year. In August 2020, Goods and Services Tax (GST) collection was Rs 86,449 crore.

The Central GST mop-up stood at Rs 21,365 crore, State GST was Rs 27,804 crore, Integrated GST was Rs 57,426 crore The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement The total revenue earned by the Centre and the state govts after regular settlement in the month of Dece is Rs 44,641 cr for CGST and Rs 45,485 cr for the SGST

Ajay Pandey said, "Option 1 presented to GST Council was to provide a special window to states, in consultation with RBI to provide Rs 97000 crores at a reasonable interest rate" "Option 2 presented to GST Council was that the entire GST compensation gap of Rs 2,35,000 crore of this year can be met by states, in consultation with RBI" "These options will be sent to states for a view within 7 days and will apply for this fiscal year only," the Finance Secretary added

The IGST collected from imports, the total revenue during December 2019, increased by 9 per cent in comparison to the revenue during December 2018.

Total number of summary sales return GSTR-3B filed for the month of February up to March 31, stood at 75.95 lakh.