GSTRevenueCollectioin | Business Upturn

GST Revenue Collection for April 2023 highest ever at nearly $1.87 trillion

Sakshi Vats — Mon, 01 May 2023 14:18:12 +0000

The total GST revenue collected in April 2023 was $1,87,035; of this, the CGST portion was Rs. 38,440 crore, the SGST section was Rs. 47,412 crore, the IGST section was Rs. 89,158 crore (including $34,972 crore collected on import of goods), and the cess section was $12,025 crore (including 901 crore collected on import of goods).

The government has paid Rs. 37,959 crore in SGST and Rs. 45,864 crore in CGST from IGST. After normal settlement, the Centre and the States will have earned a combined amount of Rs. 84,304 crore for the CGST and Rs. 85,371 crore for the SGST in the month of April 2023.

For the first time, the total GST collection exceeded Rs. 1.75 lakh crore. The total number of e-way bills issued in March 2023 was 9.0 crore, 11% more than the 8.1 crore e-way bills produced in February 2023.

On April 20, 2023, tax collections reached their peak ever in the month of April 2023. 9. 8 lakh transactions totaling to Rs. 68,228 crore were made on April 20, 2023. Last year (on the same date), the largest single day payment was 9.6 lakh transactions totaling 57,846 billion were made.

CRISIL: State revenue may increase by 7-9% this fiscal year

Yakita Somani — Wed, 24 Aug 2022 11:32:07 +0000

Revenue in the major states is likely to grow at a moderate rate of 7-9% this fiscal year, after galloping 25% last year, according to a report by rating agency CRISIL Ratings.

This estimate took into account India’s top 17 states, which account for 85-90% of total gross state domestic product.

“However, due to the economic slowdown caused by the pandemic, last fiscal growth was on a flattish base of fiscal 2021,” it said.

Goods and Services Tax (GST) collections and devolutions payments from the Centre, which account for 43-45% of state revenue, are expected to show robust double-digit growth this fiscal, according to the rating agency.

“The aggregate state GST collections will provide the biggest impetus to revenue growth,” said Anuj Sethi, Senior Director at CRISIL Ratings.

“We expect this momentum to continue, with collections increasing by 20% this fiscal year, aided by improved compliance, a higher inflationary environment, and steady economic growth.”

Furthermore, the report predicted that the share of central taxes paid by states would increase further.

Fuel collections for states from sales tax on motor fuel, on the other hand, are expected to remain almost range bound – that is, relatively stable.

A decrease in the central excise on gasoline and diesel in November 2021 and May 2022, followed by a decrease in the sales tax rates in some states, would offset the effects of an anticipated 25% annual increase in crude prices and higher sales volumes.

TMC workers protest hike in GST on food items and inflation

Pranay Maniar — Wed, 03 Aug 2022 09:32:15 +0000

The Trinamool Congress (TMC) Workers staged a protest in Guwahati, Assam to protest an increment and imposition of GST on food items done by the Central Government.

Earlier in July, the Government hiked the prices of the following items

5 per cent GST on pre-packed, labelled food items like atta, paneer, and curd. 8 per cent GST on tetra packs, and cheques — lose or in book form.

18 per cent on LED lamps, ink, knives, blades, pencil sharpener, blades, spoons, forks, ladles, skimmers, skimmers, cake servers; printing, writing and drawing ink; fixture and their metal printed circuits board.

12 per cent GST on solar water heater instead of the previous 5 per cent.

Works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium and others by 18 per cent.

The Monsoon Session of parliament has seen protests and sloganeering over these price hikes, inflation and the rupee falling to the Dollar.

Yesterday on 2^nd august, Trinamool Congress (TMC) MPs staged a walkout even as Finance Minister Nirmala Sitharaman addressed Rajya Sabha on Tuesday regarding the price rise debate.

The protest in Guwahati saw mostly women workers from the party sloganeering and banging steel utensils like plates, spoons, glasses and etc as they items have seen a hike in GST to 18%.

#WATCH | Assam: TMC workers protest in Guwahati against price hike and GST imposition on several essential food items. pic.twitter.com/a0G0WFvv7i

— ANI (@ANI) August 3, 2022