IGST News

or the FY 2024-25 till May, the CGST was Rs 76,255 crore; SGST was Rs 93,804 crore; IGST Rs 1,87,404 crore, and Cess was Rs 25,544 crore. 

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 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 GST Council, which is headed by the Union Finance Minister and comprises representatives of all states and union territories, exempted levy of I-GST on import of Amphotericin-B, which is used for the treatment of black fungus. Currently, vaccines attract 5 percent GST. The panel provided relief to small GST taxpayers through an amnesty scheme for late return filers.

This exemption shall apply till 30th June, 2021. It would also covers goods already imported but lying uncleared on the date of its issuance of exemption i.e. May 03.

The revenues for the month of April 2021 are 14 percent higher than Rs 1.23 lakh crore collected in March. During the month, the revenues from domestic transactions (including import of services) are 21 percent higher over the last month. The gross GST revenue collected in the month of April 2021 is at a record high of Rs 1,41,384 crore, of which CGST is Rs 27,837 crore, SGST Rs 35,621 crore, IGST Rs 68,481 crore.

In addition, the Centre has also settled Integrated GST (IGST) of Rs 28,000 crore, of which Rs 14,000 crore has been shared equally between states and the Centre. Under the GST structure, taxes are levied under 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.

Ministry of Finance on Sunday \announced that gross GST revenue collected in January 2021 hit an all-time high. It stood at Rs 1.19 lakh crore. It exceeded December 2020's record collection of Rs 1.15 lakh 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

As per reports, the government also settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of August 2020 is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST.

Total revenue earned by the Central and State Governments after regular settlement in the month of July 2020 stands at Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST. During July, the revenues from the import of goods were 84%.

Of the Rs 80,808 crore collected in November, Rs 7,798 crore has been garnered as compensation cess in November -- the fifth month of GST rollout.

There are around 9.6 million registered taxpayers under GST, including around 1.5 million of composition dealers, who are required to file taxes quarterly.

The Apparel Export Promotion Council (AEPC) made a presentation to the Parliamentary Standing Committee (Rajya Sabha) on Commerce chaired by Naresh Gujral earlier this week.

For claiming the refunds, exporters have to fill Table 6A while filing GSTR-1 for July, August and September.

The GST Council on Friday hiked the threshold turnover for the composition scheme that allows SMEs to pay 1-5 percent tax without going through tedious formalities.

A nominal 0.1 per cent tax will be levied on merchant exporter as they themselves do not manufacture.

The finance ministry in a statement said that small exporters have brought to the notice of the government the difficulties in furnishing bond with requisite bank guarantee.

Before the GST rollout, exporters had exemptions from Central and state taxes and now they want the same exemption continued against the electronic bond under the GST.

The industry representatives also brought up compliance matters on which the finance minister invited suggestions to improve the GST implementation.