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Tag: india gst collection

  • GST revenues at practically Rs 1.41 lakh crore in May

    GST income for May stood at practically Rs 1.41 lakh crore, a 44 per cent improve over the identical month final 12 months, the Finance Ministry mentioned on Wednesday.

    Bucking the month-on-month growing pattern of the final two months, the Goods and Services Tax (GST) revenues got here in decrease than the file excessive assortment in April at Rs 1.68 lakh crore.

    In March GST revenues had been at Rs 1.42 lakh crore, whereas in February it was Rs 1.33 lakh crore.

    “The gross GST revenue collected in the month of May 2022 is Rs 1,40,885 crore of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods),” Ministry mentioned in an announcement.

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    The revenues for the month of May 2022 are 44 per cent increased than the GST revenues in the identical month final 12 months at Rs 97,821 crore.

    This is the fourth time that the month-to-month GST assortment has crossed Rs 1.40 lakh crore mark because the inception of GST and the third straight month since March 2022.

    The assortment in May, which pertains to the returns for April — the primary month of the monetary 12 months — has at all times been lower than that in April, which pertains to the returns for March, the closing of the monetary 12 months.

    However, it’s encouraging to see that even within the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark, the Ministry mentioned.

    The complete variety of e-way payments generated within the month of April 2022 was 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way payments generated within the month of March 2022.

  • This 12 months we’re higher ready to face pandemic: Economic Affairs and Revenue Secretary Tarun Bajaj

    With the brand new wave of surge in Covid-19 circumstances throughout the nation, Economic Affairs and Revenue Secretary Tarun Bajaj stated India is best ready to face the pandemic and it is going to be fought with vaccines and different measures. In an interview with The Indian Express, Bajaj stated items and providers tax (GST) collections are displaying an increase, indicating resilience of the economic system. Excerpts:
    The authorities is anticipated to fulfill the revised income targets. But are there considerations now with the brand new wave of surge in Covid circumstances.
    I don’t suppose as a lot. This 12 months we had been anticipating direct taxes to be hit rather a lot however as in comparison with final 12 months, gross income will likely be decrease by solely 2-3 per cent, which is an efficient comeback. And this 12 months we’re higher ready to face pandemic and aren’t going to handle the problem by means of lockdowns, so the economic system retains functioning. It is a matter of fear, I gained’t say it’s not, however we’ll struggle it out with vaccines and different measures this time.
    Services sector might not get better the way in which it was being anticipated, which is able to influence the oblique tax facet.
    I comply with some extent, however this time the pandemic ought to be dealt with in a much better manner as we’re higher outfitted with upgraded medical infrastructure and vaccines.
    So it won’t take us that lengthy to do it. In spite of all that you’re saying, GST, which is oblique tax on items and providers, is displaying a superb rise. Basically, that exhibits resilience of the economic system.
    The taxability of petroleum merchandise underneath GST is being talked about. Will the Centre assist a proper dialogue on it within the GST Council?
    Finance Minister has spoken on it. We will work accordingly. For now, there are low hanging fruits in GST, let’s first pluck them.
    So the following Council assembly would slightly deal with the pending difficulty of inverted responsibility construction?
    Yes, that’s pending. Let’s see. We will determine when the Council assembly occurs.
    Banking and MSME sectors are stretched. IBC is on maintain which might have exacerbated their already stretched place. How do you see the influence on lending?
    Let us see that now the moratorium is over. I believe the Ministry of Corporate Affairs is engaged on a particular IBC for the MSME sector. That ought to deal with the considerations to some extent. Banking sector mainly is sort of positive, the CRAR is sweet. I hope we must always be capable to climate this storm. Plus, the Budget bulletins will deal with the sector.