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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

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

<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

<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

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 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

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="6359833" type="General" weightage="20" 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>) <keyword id="2298" type="General" weightage="20" keywordseo="collections" source="Orion">collections</keyword> in February, 2023 stood at Rs 1,49,577 crore, lower than Rs 1,55,922 crore collected in January. Out of the Rs 1,49,577 crore collected through GST revenue in February, CGST was Rs 27,662 crore, SGST was Rs 34,915 crore and <keyword id="6360947" type="General" weightage="50" keywordseo="igst" source="Orion">IGST</keyword> was Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) while cess was Rs 11,931 crore (including Rs 792 crore collected on import of goods). February's GST collections were marginally higher than December 2022 collections, which were Rs 1,49,507 crore. Monthly GST <keyword id="6398283" type="General" weightage="20" keywordseo="revenues" source="Orion">revenues</keyword> have been more than Rs 1.4 lakh crore for 12 straight months in a row. The government has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states after regular settlements in the month of February 2023 is Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST. In addition, the Centre had also released a balance GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to States/UTs which have sent AG-certified figures for the previous period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/the-love-for-ready-to-move-in-homes-is-going-up-says-basic-home-loan-survey/articleshow/98332513.cms">The love for ready-to-move-in homes is going up says Basic Home Loan Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/the-lifestyle-of-the-super-rich-rare-whiskey-handbags-watches-amp-more/slidelist/98334667.cms">The lifestyle of the super rich: Rare whiskey, handbags, watches &amp; more</a>

GST collections slide month-on-month to ₹1.49 lakh crore in February

<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> collection in July stood at Rs 1,48,995 crore, second highest since introduction of GST. The collection for July is 28 per cent higher than the GST revenues recorded in the same month last year of Rs 1,16,393 crore. "Of the tolal GST collection, Central GST is Rs 25,751 crore, State GST is Rs 32,807 crore, Integrated GST is Rs 79,518 crore and cess is Rs 10,920 crore," the <keyword id="47209" type="General" weightage="50" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> said in a statement. For five months in a row, the monthly GST revenues have been more than Rs 1.4 lakh crore "During the month, revenues from import of goods was 48% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year," the ministry said. The government has settled Rs 32,365 crore to Central GST and Rs 26,774 crore to State GST from Integrated GST. The total <keyword id="45663" type="General" weightage="20" keywordseo="revenue" source="Orion">revenue</keyword> of Centre and the states in July after regular settlement is Rs 58,116 crore for CGST and Rs 59,581 crore for the <keyword id="6373967" type="General" weightage="50" keywordseo="sgst" source="Orion">SGST</keyword>. "The growth in GST revenue till July 2022 over the same period last year is 35% and displays a very high buoyancy. This is a clear impact of various measures taken by the <keyword id="14607471" type="General" weightage="50" keywordseo="council-in-the-past" source="Orion">Council in the past</keyword> to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis. During the month of June 2022, 7.45 crore e-way bills were generated, which was marginally higher than 7.36 crore in May 2022," the statement added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-fetch-1-5-lakh-crore-more-than-half-of-it-comes-from-reliance-jio/articleshow/93274946.cms">5G spectrum auctions fetch ₹1.5 lakh crore – more than half of it comes from Reliance Jio</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/123456-if-this-is-your-password-you-couldve-password-fatigue-its-a-serious-problem-/articleshow/93274584.cms">123456: If this is your password, you could’ve password fatigue. It’s a serious problem.</a>

GST collections in July, at Rs 1.48 lakh crore, is the second highest ever

The <keyword id="6359833" type="UNKNOWN" weightage="20" keywordseo="Goods-and-services-tax">Goods and Services Tax</keyword> (GST), when it was first launched, was supposed to simplify the indirect tax system in the country, and at the same time lead to higher tax collections for the government. However, 20 months after it was introduced in July 2017, it has failed on both counts. Let’s take a detailed look on this issue, point-wise. 1) The central GST collections (see accompanying chart), or the portion of the total GST which goes into the central government’s kitty, stood at ₹37,095 crore, for February 2019. While, this was a slight improvement on the ₹35,066 crore collected in January 2019, it was nowhere near what was needed to fulfil the target set in the budget. 
 
 
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 2) When the budget for 2018-19 was originally presented in February last year, the government hoped to earn ₹6,03,900 crore from central GST. In the interim budget presented last month, the number was revised to ₹5,03,900 crore, which meant a shortfall of ₹1,00,000 crore. From the looks of it, it is highly unlikely that even the revised central GST target will be met. 3) Between April 2018 and February 2019, the total central GST collected stands at ₹4,12,531 crore. This is ₹91,369 crore short of the revised target of ₹5,03,900 crore, with just a month to go in this financial year. The highest central GST collection ever have been ₹57,893 crore in July 2018. Given this, it is highly unlikely that even the revised central GST target of ₹5,03,900 crore will be met. The government is likely to see a shortfall in excess of ₹50,000 crore from the revised target, if things go as per trend. If we compare this to the original target of ₹6,03,900 crore, the shortfall is likely to be ₹1,50,000 crore, if not more. And that’s quite a lot of money. 4) One reason offered for lower GST collections in the recent past has been that the GST council has cut the tax rates. This is something that goes against logic, given that these rate cuts are supposed to be revenue neutral. This basically means that a cut in rates should lead to a jump in GST collections, and hence, the government will end up earning the same amount of GST as it did in the past. The point about lower rates leading to lower GST collections doesn’t make much sense. 5) Now let’s apply Occam’s Razor in this case, which basically means the simplest answer is usually the correct one. A huge proportion of people, who the government thinks should be paying GST, currently aren’t. In November 2018, which is the latest data available, 28.75% of the those who should have been filing their GST returns, weren’t. The figure stood at 15.44% in April 2018. The question is why are so many people not filing their GST returns? The simple answer lies in the fact that they haven’t paid their share of GST. How can the government correct for this? The GST Council has tried to correct for this by lowering the rates. But that hasn’t worked. The only way to turn this around is to simplify the GST system operationally and philosophically, which clearly hasn’t happened. What has happened in the name of simplification is basically lowering of GST rates and taking away of input tax credit benefits. Without input tax credit, GST no longer remains a value added tax as it was originally envisaged to be. It becomes yet another tax, in a series of taxes, beating the entire purpose of launching the GST. 6) On the issue of GST being complicated, several experts have pointed out that the earlier system of many indirect taxes across states was even more complicated. That is true, but only partly. It is not true for the services part of GST which used to come under service tax. The service tax was a centralised tax and was much simpler than GST. Why can’t the government look at going back to similar structure, is a question well worth asking. In 2018-19, services are expected to form nearly 49.7% of the Indian economy. Given this, a tax which is applicable on nearly half the economy, cannot be complicated. Also, it is worth remembering that many of those operating in the services sector do not have the kind of scale, like those operating in the goods part of the economy do. 7) What has happened in the present GST operational structure is what I would like to call the classic frontend-backend government problem. The GST being collected needs to be split in different ways between the central government and the state governments. This is a process that should have been working in the backend and the GST filer need not have had to go through it while filing his returns. (How is it my concern as a taxpayer, whether the GST being charged as central GST, state GST or integrated GST, for that matter, as long as there is one number that I need to pay). But, like is the case with most government filings (the income tax returns are a terrific example), this backend has been moved on to the front end, for the individual filing the GST return to deal with. This is a problem at the heart of the current GST mess and tax collections are not going to improve, unless the government deals with it. And that will mean coming up with a totally new operational structure for the GST, given that the current one is in a big mess. Of course, that’s easier said than done. Vivek Kaul is a Business Insider India contributor. Kaul is an economist and the author of the ‘Easy Money’ trilogy. See more: <a href="https://www.businessinsider.in/gst-cut-on-real-estate-may-relieve-pain-temporarily/articleshow/68146057.cms">Indian real estate builders welcome GST relief but opinions are divided</a>

Lower rates alone will not stop GST evasion — simpler rules will

(Eds: Adding details) New Delhi, Jul 1 () GST revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April. The goods and Services Tax (GST) mop up was 9 per cent lower on a year-on-year basis in June, while it was 62 per cent down in May and fell 28 per cent in April. GST collections for the first quarter (April-June) of this fiscal declined 59 per cent, when compared to the same quarter last year as lockdown imposed to contain spread of COVID-19 pandemic severely impacted economic activity. "The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the government in filing of returns and payment of taxes due to the pandemic. However, figures of past three months show recovery in GST revenues," the finance ministry said in a statement. States like Punjab, Chhattisgarh, Madhya Pradesh, Bihar, Assam, Andhra Pradesh, Telangana, Karnataka witnessed growth in collection in June over last year. North Eastern states like Sikkim, Manipur, Mizoram, Tripura, Nagaland, Arunachal Pradesh too witnessed Increase in revenue during the month. The gross GST revenue collected in the month of June, this year stood at Rs 90,917 crore of which Central GST is Rs 18,980 crore, State GST is Rs 23,970 crore, Integrated GST is Rs 40,302 crore (including Rs 15,709 crore collected on import of goods) and Cess is Rs 7,665 crore, the statement said. "The government collected gross #GST revenue of Rs 90,917 crore in June 2020, which is 91 per cent of the collections in June 2019," Office of Finance Minister Nirmala Sitharaman said in a tweet. During the month, the revenues from import of goods were 71 per cent and the revenues from domestic transaction were 97 per cent of the collections from these sources during the same month last year. The government has settled Rs 13,325 crore to Central GST and Rs 11,117 crore to State GST from Integrated GST as regular settlement. The total revenue earned by central government and state governments after regular settlement in June, stood at Rs 32,305 crore for Central GST and Rs 35,087 crore for the State GST. The government had allowed a relaxed time schedule for filing of GST returns and returns for the month of April, March as well as February got filed during June 2020. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during first few days of July 2020, the Ministry added. EY Tax Partner Abhishek Jain said the GST collections while in the first quarter have obviously witnessed a substantial dip because of the current pandemic, however, the increasing trend in June inclines to a recovery being in line soon. "With this shortfall and related dip in revenue for states as well, the Centre's obligations to compensate States for any shortfall is an area of concern and this being further deepened with muted compensation cess collections," Jain added. Deloitte India Partner M S Manu said the June revenue numbers indicate that a revival is underway and collections will improve in the coming months. "In June some of larger producing states have shown an increase in collections or stable revenues compared to last year while some of the consuming states have shown a decline," Mani added. JD DRR DRR

GST collection in June at Rs 90,917 cr, Q1 mop up dips 59 pc due to COVID-19 lockdown

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

<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

<ul><li>Niti Aayog member Ramesh Chand thinks that there should only be two tax slabs under the good and services tax (GST).</li><li>Currently the GST has four tax rate slabs.</li><li>He also believes that the tax rate should be revised annually.</li></ul> Government think-tank Niti Aayog member Ramesh Chand on Wednesday made a case for only two slabs under the goods and service tax regime as against the multiple slabs currently, and said rates should be revised annually if required.
 The goods and services tax (GST), which replaced almost all the indirect taxes, came into force from July 1, 2017, and the rates on goods and services have been revised several times since then.
 Currently, there are four GST rate slabs -- 5 per cent, 12, per cent, 18 per cent and 28 per cent. Several items fall in exempt category or nil duty. Besides, cess is also levied on five goods.
 Talking to , Chand said that when a large taxation reforms like GST are brought in, there are always "teething problems" but soon they stabilise. He said most of the countries took long time for GST stabilisation.
 The Niti Aayog member, who looks after the agriculture sector, is also strictly against frequent changes in <keyword id="6360118" type="DEFINITION" weightage="20" keywordseo="gst-rates">GST rates</keyword> as it leads to problems. The all-powerful <keyword id="6355040" type="UNKNOWN" weightage="20" keywordseo="GST-Council">GST Council</keyword>, presided over by the Union finance minister and comprising state finance ministers, decides on rate for particular goods and services. Besides frequent demand for reduction in the rates on various goods and services, there has also been clamour for a slash in the number of tax slabs.
 "It has become tendency of every sector to ask for lower GST. I feel GST issues are much larger than asking for rates," Chand said.
 And, "we should not fiddle with rates or change rates frequently... We should not have many rates. Have only two rates," he said.
 Chand said the focus should be on steady increase in revenue collection from the new indirect tax regime rather than tinkering with rates. He prescribed that if at all rates need to be changed, it should be done annually.
 On demands of lower GST on process food, like dairy products, Chand, an agri economist, said the 5 per cent GST on such products is "very very reasonable".
 Chand said that while every sector is demanding lower rate, they should also understand governments need revenue to spend on development works. "We always ask from the government and forget to give back. This trend is not good. From where will the government get the money to spend for development," said Chand, who is also a member of the 15th Finance Commission.
 He said that in the agriculture sector alone, the central government is providing a subsidy of Rs 1.2 lakh crore and the states put together spend about Rs 1 lakh crore. See also: <a href="https://www.businessinsider.in/policy/news/electric-cycles-attract-5-gst-ordinary-cycles-12-in-india/articleshow/72936663.cms">Electric cycles attract 5% GST, ordinary cycles 12% in India</a> <a href="https://www.businessinsider.in/business/news/imf-calls-out-indias-growth-rate-which-did-not-translate-into-jobs/articleshow/72947797.cms">IMF calls out India's 'growth' rate which did not translate into jobs</a>

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