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Gross Goods and Services Tax (<keyword id="19951327" type="General" weightage="100" keywordseo="gst" source="keywords">GST</keyword>) collections surged to a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of Rs 2.10 lakh crore in the month of April. The GST collection has also registered a 12.4 per cent year-on-year growth. According to a statement by the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>, the growth was propelled by a robust uptick in both <keyword id="20791652" type="General" weightage="20" keywordseo="domestic-transactions" source="keywords">domestic transactions</keyword>, which rose by 13.4 per cent, and <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, witnessing an 8.3 per cent spike. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 17.1 per cent growth compared to the corresponding period last year. The breakdown of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (<keyword id="20793046" type="General" weightage="20" keywordseo="CGST" source="keywords">CGST</keyword>) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (<keyword id="20025648" type="General" weightage="20" keywordseo="SGST" source="keywords">SGST</keyword>) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (<keyword id="20025649" type="General" weightage="20" keywordseo="IGST" source="keywords">IGST</keyword>) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, cess collections reached Rs 13,260 crore, which included Rs 1,008 crore collected on imported goods. Furthermore, the inter-governmental settlement process saw the central government disbursing Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement. During the financial year 2023-24 the total gross GST collection recorded at Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, that ended in March 2024 stood at Rs 1.68 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore. The surge in recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="20791743" type="General" weightage="20" keywordseo="gross-goods-and-services-tax" source="keywords">Gross Goods and Services Tax</keyword> (<keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword>) revenue collections for February rose by a robust 12.5 per cent year-on-year in February to Rs 1,68,337 crore, according to figures released by the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords">Finance Ministry</keyword> on Friday. The growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6 per cent over that for the same month last year. As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 works out Rs 1.67 lakh crore, exceeding the corresponding figure of Rs 1.5 lakh crore for the previous year. GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0 per cent over that for the same period last year. Breakdown of February 2024 Collections: *Central Goods and Services Tax (CGST): Rs 31,785 crore *State Goods and Services Tax (SGST): Rs 39,615 crore *Integrated Goods and Services Tax (IGST): Rs 84,098 crore, including Rs 38,593 crore collected on imported goods *Cess: Rs 12,839 crore, including Rs 984 crore collected on imported goods.

GST collections in February rise 12.5% to cross ₹1.68 lakh crore

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="4938005" type="General" weightage="20" keywordseo="gst-collections" source="Orion">GST collections</keyword> in March grew 11.5 per cent to Rs 1.78 lakh crore, buoyed by domestic transactions, the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords">finance ministry</keyword> said on Monday. The gross <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> collection for the last fiscal (April 2023-March 2024) stood at Rs 20.18 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal. The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal. "Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent," the ministry said in a statement. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023. GST revenue net of refunds for March 2024 was Rs 1.65 lakh crore, 18.4 per cent higher over the same period a year ago.

GST collections hit ₹1.78 lakh crore in March, second highest since roll-out

New Delhi, Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic &amp; Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs paying 18 per cent on platform fee/commission are disputing the 28 per cent levy on actionable claims in the form of betting and gambling before various legal fora. "It is anticipated that the levy of 28 per cent on full face value, as recommended in the 50th <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> meeting, will result in increase of revenue from current levels," Sitharaman added.

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

<keyword id="4943720" type="General" weightage="20" keywordseo="GST-collection" source="Orion">GST collection</keyword> in May rose 12% to Rs 1.57 lakh crore, the finance ministry said on Thursday. The gross <keyword id="2484610" type="General" weightage="20" keywordseo="good-services-tax" source="Orion">Good &amp; Services Tax</keyword> (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods). "The revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said in a statement. During the month, revenue from import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than the revenues from these sources during the same month last year. <keyword id="6359833" type="General" weightage="80" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST) collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-hikes-prices-of-ev-scooter-by-17000-22000/articleshow/100677697.cms">TVS Motor hikes prices of EV scooter by ₹17,000 - ₹22,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-to-shut-3rd-party-notes-lists-integration-on-assistant-app/articleshow/100678872.cms">Google to shut 3rd-party Notes, Lists integration on Assistant app</a>

GST collection rises 12% to ₹1.57 lakh crore in May

New Delhi, The government collected Rs 1,51,718 crore gross <keyword id="6354679" type="General" weightage="20" keywordseo="GST" source="Orion">GST</keyword> revenue in October, which is the second highest collection ever after April this year, official data revealed on Tuesday. The monthly GST revenues have been more than Rs 1.4 lakh crore for eight months in a row. The Rs 1.5 lakh crore mark has been crossed for the second time since the inception of GST, official sources said. September saw the generation of 8.3 crore e-way bills, which is significantly higher than 7.7 crore e-way bills generated in August. Out of the total GST collection of Rs 1,51,718 crore for October, CGST was Rs 26,039 crore, SGST was Rs 33,396 crore, IGST was Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and cess was Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is second highest till date, the data stated. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-opens-above-61000-while-nifty50-climbs-over-18100-mark/articleshow/95220907.cms">Sensex opens above 61,000 while Nifty50 climbs over 18,100 mark</a> <a href="https://www.businessinsider.in/thelife/personalities/news/jamshed-j-irani-steel-man-of-india-who-advised-governments-and-instituted-a-cricket-trophy/slidelist/95223867.cms">Jamshed J Irani – Steel Man of India who advised governments and instituted a cricket trophy</a> <a href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms">Rupee gains 8 paise to 82.73 against US dollar</a>

GST collections touch ₹1,51,718 cr in Oct, second highest since April

The gross GST revenue collections in August witnessed a 28% jump year-on-year basis, as they stood at ₹1,43,612 crore during the month. According to figures released by <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> on Thursday, GST collections in August 2021 were ₹1,12,020 crore. Out of the total collections, CGST was ₹24,710 crore, SGST was ₹30,951 crore, <keyword id="6360947" type="General" weightage="80" keywordseo="igst" source="Orion">IGST</keyword> was ₹77,782 crore (including ₹42,067 crore collected on import of goods), while the cess stood at ₹10,168 crore (including ₹1,018 crore collected on import of goods). "The growth in GST revenue is a clear impact of various measures taken by the <keyword id="6355040" type="General" weightage="20" keywordseo="GST-council" source="Orion">GST Council</keyword> in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis," a Ministry statement said.

GST collections stood at ₹1,43,612 crore in August

Gross <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> in March touched an all-time high of over Rs 1.42 lakh crore, the <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> said on Friday. The gross <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> revenue collected in March 2022 is Rs 1,42,095 crore, of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods). The gross GST collection in March 2022 is all-time high, breaching an earlier record of Rs 1,40,986 crore collected in January. The revenues for March 2022 are 15 per cent higher than the GST revenues in the same month last year. "The improvement in revenue has also been due to various rate rationalisation measures undertaken by the <keyword id="51646" type="General" weightage="80" keywordseo="council" source="Orion">Council</keyword> to correct inverted duty structure," the ministry said in a statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/hal-records-its-highest-ever-revenue-of-24000-crore-in-fy-2021-22-edited/articleshow/90586121.cms">HAL records its highest ever revenue of ₹24,000 crore in FY 2021-22 (edited)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-byjus-and-unacademy-vedantu-is-looking-at-offline-centers/articleshow/90584769.cms">Exclusive: After Byju’s and Unacademy, Vedantu is looking to start offline centres</a>

GST collection hits an all-time high at ₹1.42 lakh crore in March

The gross revenue from <keyword id="6368071" type="General" weightage="80" keywordseo="goods-and-service-tax" source="Orion">Goods and Service Tax</keyword> (GST) in the month of May came in at Rs 140,885 crore, data showed on Wednesday. This is the fourth time the monthly GST <keyword id="6380839" type="General" weightage="20" keywordseo="collection" source="Orion">collection</keyword> crossed Rs 1.40 lakh crore mark since inception of GST and the third month at a stretch since March 2022. Of the total collection in May, CGST amounted to Rs 25,036 crore, SGST was Rs 32,001 crore, <keyword id="6360947" type="General" weightage="80" keywordseo="igst" source="Orion">IGST</keyword> was Rs 73,345 crore, and cess Rs 10,502 crore. The GST revenues for May 2022 were 44 per cent higher than collected in the same month last year, at Rs 97,821 crore. Notably, the monthly collection had touched a record high of Rs 1.68 lakh crore in April 2022. Besides, the total number of e-way bills generated in the month of April 2022 was at 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way bills generated in the month of March 2022. E-way bill is a document for carrying any consignment of goods of value exceeding Rs 50,000. On Tuesday, the Centre released the entire amount of Goods and Service Tax (GST) compensation payable to states up to May 31, 2022 by releasing an amount of Rs 86,912 crore. The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/pm-modi-mourns-the-loss-of-singer-kk-who-passed-away-at-53/articleshow/91931110.cms">PM Modi mourns the loss of singer KK who passed away at 53</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/health/news/pmbi-crosses-100-crore-in-may-centre-to-increase-the-number-of-janaushadhi-kendras-by-march-2024/articleshow/91921003.cms">PMBI crosses ₹100 crore in May; Centre to increase the number of Janaushadhi Kendras by March 2024</a>

GST collections up by 44% at ₹1.4 lakh crore in May

India's gross <keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> revenue collection fell below the psychological mark of Rs 1 lakh crore for the first time this year, clocking Rs 92,849 crore in June 2021, as collections fell due to disruptions caused by the fresh wave of Covid-19. Though the GST revenues during June 2021 are lower than the over Rs 1 lakh crore collections recorded in the previous month and a record Rs 1.41 lakh crore collection made in April, it is still a growth over June 2020 collections when GST numbers had remained low due to the first set of lockdowns. Most tax experts had feared that the real impact of the pandemic and lockdowns in different parts of the country would pull down GST revenues significantly in May and then in June. "The revenues for the month of June 2021 are 2 per cent higher than the GST revenues in the same month last year", a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword> statement said. According to the statement, the gross GST revenue collected in the month of June is Rs 92,849 crore of which CGST is Rs 16,424 crore, SGST is Rs 20,397, <keyword id="6360947" type="UNKNOWN" weightage="20" keywordseo="IGST">IGST</keyword> is Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods). The June numbers include <keyword id="4943720" type="PERSON" weightage="20" keywordseo="gst-collection">GST collection</keyword> from domestic transactions between 5th June to 5th July 2021 since taxpayers were given various relief measures in the form of waiver or reduction in interest on delayed return filing for 15 days for the return filing month June '21 for the taxpayers with the aggregate turnover upto Rs 5 crore in the wake of the second wave. During this month the government has settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST as regular settlement, the statement said. With June collections staying close to below the Rs 1 lakh crore mark, it would be the first month after a gap of eight months in a row when GST revenues had remained above the threshold. The collection is surprising as most of the States have been under strict lockdown due to the pandemic. The GST collection for June, 2021 is related to the business transactions made during May, 2021. During May, 2021, most of the States/UTs were under either complete or partial lockdown due to Covid. A finance ministry statement said that the e-way bill data for the month of May 2021 shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April 2021, down by more than 30 per cent. However, with reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 are 5.5 crore which indicates recovery of trade and business. The daily average generation of e-way bills for the first two weeks of April 2021 was 20 lakh, which came down to 16 lakh in the last week of April 2021 and further to 12 lakh in the two weeks between 9th to 22nd May. Thereafter, the ministry said, the average generation of e-way bills has been increasing and has again reached the 20 lakh level since the week beginning 20th June. Therefore, it is expected that while the GST revenues have dipped during the month of June, the revenues will see an increase again from July 2021 onwards, the finance ministry said. "While the collections are lower than Rs 1 Trillion, which had become the norm for the past few months, considering the fact that it relates to transactions in May 2021 which was badly impacted by the pandemic, it would be considered as a very satisfactory collection. These numbers also reflect the economic resilience shown during the recent pandemic phase," said MS Mani, Senior Director, <keyword id="6356108" type="ORGANIZATION" weightage="20" keywordseo="deloitte-india">Deloitte India</keyword>. SEE ALSO- <a href="https://www.businessinsider.in/business/startups/news/payments-firm-pine-labs-raises-600-million-as-it-plans-to-go-public-by-2022/articleshow/84162996.cms" data-type="tilCustomLink">Payments firm Pine Labs raises $600 million as it plans to go public by 2022</a> <a href="https://www.businessinsider.in/personal-finance/news/what-happens-if-you-forget-to-claim-your-fixed-deposit-proceeds-after-maturity-explained/articleshow/84161710.cms" data-type="tilCustomLink">What happens if you forget to claim your fixed deposit proceeds after maturity? Explained</a>

India's GST revenue falls below ₹1 lakh crore for the first time this year

<keyword id="4914195" type="General" weightage="20" keywordseo="GST-revenues" source="Orion">GST revenues</keyword> rose by 11 per cent to about ₹1.46 lakh crore in November over the year-ago period, the <keyword id="47209" type="General" weightage="20" keywordseo="Finance-Ministry" source="Orion">Finance Ministry</keyword> said on Thursday. This is the ninth straight month when collections from <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword>) has remained above ₹1.40 lakh crore. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which <keyword id="2411757" type="General" weightage="20" keywordseo="Central-GST" source="Orion">Central GST</keyword> is ₹25,681 crore, State GST is ₹32,651 crore, Integrated GST is ₹77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). "The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was ₹1,31,526 crore," the ministry said in a statement. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year. Revenues from GST had touched a record of about ₹1.68 lakh crore in April. The second highest collection was ₹1.52 lakh crore in October. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-on-record-making-spree-rally-for-the-eight-straight-day/articleshow/95912921.cms">Markets on record-making spree; rally for the eight straight day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bhel-among-5-bidders-for-rs-58000-cr-deal-to-manufacture-maintain-200-vande-bharat-trains/articleshow/95911557.cms">BHEL among 5 bidders for Rs 58,000 cr deal to manufacture, maintain 200 Vande Bharat trains</a>

You Searched For "gross GST collections" and got 11 results

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

ANI

GST collections in February rise 12.5% to cross ₹1.68 lakh crore

IANS

GST collections hit ₹1.78 lakh crore in March, second highest since roll-out

PTI

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

PTI

GST collection rises 12% to ₹1.57 lakh crore in May

PTI

GST collections touch ₹1,51,718 cr in Oct, second highest since April

IANS

GST collections stood at ₹1,43,612 crore in August

IANS

GST collection hits an all-time high at ₹1.42 lakh crore in March

PTI

GST collections up by 44% at ₹1.4 lakh crore in May

IANS

India's GST revenue falls below ₹1 lakh crore for the first time this year

IANS

GST revenues rose by 11% to ₹1.46 lakh crore in November: Finance Ministry

PTI

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