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Tag: Petroleum Products

  • GST assortment hits new report in Odisha

    By Express News Service

    BHUBANESWAR: Keeping tempo with the expansion pattern, gross GST assortment in Odisha hit a brand new report with 49 per cent (computer) progress in 2021-22, largely pushed by mining and manufacturing sectors. 

    The State collected Rs 44,334.67 crore final fiscal in opposition to Rs 29,852.76 crore in 2020-21. The assortment for 2019-20 was Rs 29,686.32 crore. 

    The State GST (SGST) assortment additionally recorded a progress of 54 computer as Rs 12,743.01 crore was collected in 2021-22 as in comparison with Rs 8,292.15 crore within the earlier fiscal and Rs 8,722 crore in 2019-20. The gross GST assortment in March was Rs 4,124.66 crore as in opposition to Rs 3,285.29 crore in March final yr registering a progress of 26 computer which is the very best amongst all main states within the nation.

    With a progress of 42 computer final month the SGST assortment was Rs 1,351.25 crore as in comparison with Rs 954.62 crore throughout March 2021. The assortment was additionally the very best ever assortment of SGST by the State in a month for the reason that inception of GST.

    The rise in GST revenues mirrored the rebound within the financial actions and e-waybill generations within the State and the expansion momentum is more likely to proceed within the coming months with tightened enforcement. 

    The State had collected Rs 1,109.85 crore CGST, Rs 1,003.47 crore IGST and Rs 660.09 crore cess in March. The complete assortment of VAT from petrol and liquor was Rs 1,687.72 crore in March as in opposition to Rs 1,559.51 crore in the identical month final yr. 

    Of the overall VAT income, the gathering was Rs 1,257.04 crore from petroleum merchandise and Rs 430.67 crore from liquor final month. The assortment from VAT for the whole monetary yr was Rs 9,954.91 crore, together with Rs 2,093.70 crore from liquor, in opposition to Rs 7,756.74 crore collected within the earlier fiscal.

  • Bringing petroleum merchandise below GST will probably be good transfer: Chief financial advisor

    Image Source : AP Bringing petroleum merchandise below GST will probably be good transfer: Chief financial advisor
    Chief Economic Advisor Ok V Subramanian has backed a proposal to deliver petroleum merchandise below the ambit of the Goods and Services Tax (GST). He, nonetheless, stated the choice must be taken by the GST council.

    “It will be a good move, but the decision rests with the GST Council,” Subramanian stated throughout a current interplay with FICCI FLO members.

    Petroleum Minister Dharmendra Pradhan had additionally urged Union Finance Minister Nirmalya Sitharaman to deliver petroleum merchandise below the ambit of the GST.

    Continuous rise in gasoline costs has burdened the frequent man and change into a political challenge in states the place meeting elections are due.

    Subramanian additionally stated inflationary pressures are totally on account of “food inflation”.

    ALSO READ: Need coordinated motion between centre, states on tax discount in gasoline costs: RBI Governor
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