GST Reveunes

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

GST revenues rose by 11 per cent to about Rs 1.46 lakh crore in November over the year-ago period, the Finance Ministry said on Thursday. This is the ninth straight month when collections from Goods and Services Tax (GST) has remained above Rs 1.40 lakh crore. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST is Rs 25,681 crore, State GST is Rs 32,651 crore, Integrated GST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). "The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs 1,31,526 crore," the ministry said in a statement. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during t

Points out that under the regulations governing the all-powerful body, a meeting should be held every quarter

Revenue for October is second highest monthly collection, next only to April 2022

There is no love lost between the Centre and the states, particularly those ruled by the Opposition parties on various issues

Says it will build a robust tax system without being intrusive

States will demand an extension of the compensation period or a change in the GST revenue distribution formula

Okays removing the exemption on mass consumption items

While calculating the turnover threshold, sales from GST exempt goods and zero rates supply would not be included

This may come as a victory of sorts for opposition-ruled states, including Punjab, West Bengal, and Chhattisgarh, which have insisted that the Centre should do the borrowing

These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand and Meghalaya

The borrowing alternative offered by the Centre to make up for the shortfall in the promised compensation will lead to the states' fiscal deficits widening to 4.25 - 5.52 per cent

In December 2018, the GST collection was Rs 97,276 crore

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The revenue collection in the same month a year ago stood at Rs 94,442 crore

Sitharaman, however, was confident that the target would be achieved without any harassment to taxpayers

The provisions are expected to boost tax collections by clamping down on trade that currently happens on cash basis