Tuesday, March 2, 2021

GST Amounts Being Collected by The Government Of India Is On A Rise

Goods and services tax (GST) is a tax that every customer has to bear when they buy any goods. The Indian government has collected Rs 95,480 crore since the lockdown began in March of 2020 on monthly basis. The finance ministry said in a statement on Thursday. Comparing collections by month, September has 10.4% higher than that of August 2020. It has 4% higher to the last year 2019 in the same month. The collection has shown decent growth due to the significant part of the economic crisis and international trade.

Abhishek Jain, an indirect tax partner at EY said that “The increase in revenues shows reinstatement of normalcy in business operations also provides a normal optimistic look”. The total gross collection in September is: –

  • Central GST: Rs 17,741 crore
  • State GST: Rs 23.131 crore
  • Integrated GST: Rs 47,484 crore
  • Imported goods: Rs 22,442 crore
  • Cess: Rs 7,124 crore
  • Imported goods: Rs 778 crore

GOVERNMENT SETTLEMENTS

Rs 21,260 crore – CGST

Rs 16,997 crore – IGST

CGST and SGST from IGST as a regular settlement.

Rs 39,001 crore for CGST and Rs 40,128 crore for the SGST in the month of September 2020 is the total revenue earned by the central government and state government after the normal settlement.

The ministry said in a statement that “During the month, the revenues from the import of goods were 102% and the revenues from the domestic transaction (includes import of services)were 105%of the revenue from these sources during the same month last year”. This data will begin as a state battle with the central over compensation for the shortfall in GST collections even it can be a two – monthly installments due to the states. The finances are yet to issue.

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