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Goods and Services Tax

01 Jun 2024

GST Collection For May At Rs 1.73 Lakh Crore, Up 10% YoY

or the FY 2024-25 till May, the CGST was Rs 76,255 crore; SGST was Rs 93,804 crore; IGST Rs 1,87,404 crore, and Cess was Rs 25,544 crore.

GST collections

01 Aug 2022

GST collections in July second highest ever, rise 28%

In June 2022, total GST collections were at Rs 1.44 lakh crore. Last month, the five-year of the GST regime was completed. GST was introduced in the country w.e.f. 1st July 2017 and States were assured compensation for loss of any revenue.

01 Oct 2021

GST collection remains over Rs 1.17 lakh crore in September

GST revenues are 23 per cent higher than revenues in September 2020. CGST in September 2021 stood at Rs 20,578 crore. SGST was Rs 26,767 crore while the IGST was Rs 60,911 crore.

28 May 2021

GST Council leaves tax rate on COVID-19 vaccines unchanged

The GST Council, which is headed by the Union Finance Minister and comprises representatives of all states and union territories, exempted levy of I-GST on import of Amphotericin-B, which is used for the treatment of black fungus. Currently, vaccines attract 5 percent GST. The panel provided relief to small GST taxpayers through an amnesty scheme for late return filers.

04 May 2021

These imports will not attract any customs duty or IGST till June 30

This exemption shall apply till 30th June, 2021. It would also covers goods already imported but lying uncleared on the date of its issuance of exemption i.e. May 03.

01 May 2021

GST revenue hits all-time high of Rs 1.41 lakh crore in April

The revenues for the month of April 2021 are 14 percent higher than Rs 1.23 lakh crore collected in March. During the month, the revenues from domestic transactions (including import of services) are 21 percent higher over the last month. The gross GST revenue collected in the month of April 2021 is at a record high of Rs 1,41,384 crore, of which CGST is Rs 27,837 crore, SGST Rs 35,621 crore, IGST Rs 68,481 crore.

30 Mar 2021

Govt releases Rs 30,000 cr to states as GST compensation

In addition, the Centre has also settled Integrated GST (IGST) of Rs 28,000 crore, of which Rs 14,000 crore has been shared equally between states and the Centre. Under the GST structure, taxes are levied under 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.

31 Jan 2021

GST revenue collection at all-time high in Jan, stands at Rs 1.19 lakh crore

Ministry of Finance on Sunday \announced that gross GST revenue collected in January 2021 hit an all-time high. It stood at Rs 1.19 lakh crore. It exceeded December 2020's record collection of Rs 1.15 lakh crore.

GST collections

01 Jan 2021

GST collections at record-high of over Rs 1.15 lakh crore in December 2020

The Central GST mop-up stood at Rs 21,365 crore, State GST was Rs 27,804 crore, Integrated GST was Rs 57,426 crore The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement The total revenue earned by the Centre and the state govts after regular settlement in the month of Dece is Rs 44,641 cr for CGST and Rs 45,485 cr for the SGST

01 Sep 2020

GST revenue collection for August stands at Rs 86,449 crore: Finance Ministry

As per reports, the government also settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of August 2020 is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST.

01 Aug 2020

GST collections stand at Rs 87,422 crore in July 2020

Total revenue earned by the Central and State Governments after regular settlement in the month of July 2020 stands at Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST. During July, the revenues from the import of goods were 84%.

GST collections

26 Dec 2017

GST collections dip for second month in November to Rs 80,808 crore

Of the Rs 80,808 crore collected in November, Rs 7,798 crore has been garnered as compensation cess in November -- the fifth month of GST rollout.

28 Nov 2017

GST mop-up, compliance unlikely to improve near-term: Report

There are around 9.6 million registered taxpayers under GST, including around 1.5 million of composition dealers, who are required to file taxes quarterly.

28 Oct 2017

Apparel exporters flag post-GST issues before Parliamentary panel

The Apparel Export Promotion Council (AEPC) made a presentation to the Parliamentary Standing Committee (Rajya Sabha) on Commerce chaired by Naresh Gujral earlier this week.

13 Oct 2017

Exporters to get GST refund in bank a/c filed with customs

For claiming the refunds, exporters have to fill Table 6A while filing GSTR-1 for July, August and September.

09 Oct 2017

GST breather for SMEs, exporters to boost economy: Experts

The GST Council on Friday hiked the threshold turnover for the composition scheme that allows SMEs to pay 1-5 percent tax without going through tedious formalities.

GST exporters refund

08 Oct 2017

Exporters' pending GST refunds to be cleared in 2 months: Hasmukh Adhia

A nominal 0.1 per cent tax will be levied on merchant exporter as they themselves do not manufacture.

GST impact exporters

29 Sep 2017

Small exporters exempted from furnishing bank guarantee

The finance ministry in a statement said that small exporters have brought to the notice of the government the difficulties in furnishing bond with requisite bank guarantee.

28 Sep 2017

Merchant exporters send SOS to Finance Ministry, seeks timely refunds

Before the GST rollout, exporters had exemptions from Central and state taxes and now they want the same exemption continued against the electronic bond under the GST.

28 Sep 2017

Industry, exporters bring up GST concerns at meet with FM Jaitley

The industry representatives also brought up compliance matters on which the finance minister invited suggestions to improve the GST implementation.

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