Page 2 - Gst Collections

GST had serious defects which worsened over last 5 years: Chidambaram

Asserting that the GST had serious "birth defects" which became only worse over the last five years, the Congress on Friday said the GST laws and their implementation have "wrecked the economy"

Statsguru: Six charts show GST's revenue challenge for Centre, state govts

But a longer-term perspective on state collections raises questions on GST's ability to fulfil certain primary objectives

GST collections slip below Rs 1.5-trn mark in May despite 44% YoY increase

In April, GST collections had touched a record high of Rs 1.68 trillion, surpassing the Rs 1.5-trillion mark for the first time

Officers to face strict disciplinary action for coercive GST collection

However, tax consultants are still sceptical that this instruction will stop coercive recovery for GST payments

Inflation, imports main reasons for record GST collections, says report

The ministry attributed the robust mop-up to its tightened compliance measures and a crackdown on GST evaders and fake bills

Tax administration finally being cleaned up, being made more efficient

GST collections dropped below the Rs 1.2 trillion mark only once in the last six months. These are astounding statistics for a tax system that naysayers had written off as being a failure.

Odisha registers 49% growth in gross GST collection in 2021-22

The officials informed that the growth in GST is mostly driven by mining and manufacturing sectors

Top headlines: Ayci declines AI CEO role; Indian student dies in Ukraine

Business Standard brings you the top headlines on Tuesday

Tripura's economy sees lifeline in GST collection, resource mobilisation

Even after Covid hit economy, Tripura Finance Minister and experts said that better GST collection and efficient resource mobilisation would boost economic situation or at least normalise the position

Share of GST revenue from imports nearly constant since 2014

GST revenue from imports - The Indian imports have grown especially from China and so is import IGST. But as a proportion of total GST collections, revenue from imports has remained the same.

GST collection in Jan crosses Rs 1.3-trn mark for fourth time in FY22: Govt

Revenues for month of January 2022 were 15% higher than GST revenues in the same month last year and 25% higher than the GST revenues in January 2020

AARs give divergent rulings on notice pay recovery by employers

No GST on such collections in Maharashtra, regarded as service in MP and taxed, money received from employees for medical insurance to non-dependent parents to draw GST too

GST collection at Rs 1.29 trn in December 2021: FinMin

Though the collection was lower than Rs 1.31 trn mopped up in November, December is the sixth month in a row when revenue from goods sold and services rendered stood at over Rs 1 trn

Fitment panel's GST recommendations may cause immediate spike in inflation

The 5% tax rate broadly covers most food items, so an increase here would directly impact the monthly grocery budget of households

We will be net debt free by July 2022, says JSPL's MD V R Sharma

"Our main interest is not inorganic growth, it is brownfield expansion," said Sharma

Robust GST collections likely in November, uncertainty about December

The generation in the first two weeks of November does not augur well for December collections

GST collections may break all records soon: Revenue secretary Tarun Bajaj

Bajaj expects the collections to break the Rs 1.4-trillion record

Apr-Jul fiscal deficit narrows to 9-year low, reaches 21.3% of FY22 target

Non-tax revenues such as dividends from RBI and public sector banks yielded Rs 1.39 trillion

Apr-June net GST collections at 26.6% of budget estimates: Govt

The government has achieved 26.6 per cent of the budget estimates for GST collections in the first three months of the current fiscal, Parliament was informed on Monday. In reply to a written question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said net GST collection in the April-June quarter was over Rs 1.67 lakh crore, which is 26.6 per cent of the budget estimate of Rs 6.30 lakh crore for full 2021-22 fiscal. The net GST collections include Central GST+Integrated GST+Compensation cess. In the 2020-21 fiscal, the net GST collection was over Rs 5.48 lakh crore, which was more than the revised estimates (RE) of Rs 5.15 lakh crore. In 2019-20, the net collection was over Rs 5.98 lakh crore, which is 97.8 per cent of the RE. Chaudhary said the government has been making concerted efforts to raise tax revenue collections which inter-alia includes GST rate rationalisation to improve tax compliance, e-invoice system, mandatory e-filing and e-payment of taxes, pena

GST officers detect Rs 7.4k cr tax evasion in Apr-June; recover Rs 1,920 cr

GST officers have detected tax evasion of Rs 7,421 crore in the April-June period of the current fiscal, Parliament was informed on Tuesday. In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary gave details of the total tax evasion detected in GST in the last 3 years. In 2019-20, 10,657 cases of evasion, involving Rs 40,853.27 crore were detected. Recovery was Rs 18,464 crore. In 2020-21, Rs 49,384 crore worth GST evasion was detected in 12,596 cases. Recovery stood at Rs 12,235 crore. In the current fiscal up to June, 1,580 cases of Goods and Services Tax evasion involving Rs 7,421.27 crore were detected, and Rs 1,920 crore recovered in April-June 2021. Chaudhary said the GST interface for the taxpayers is on a digital platform and software-based to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. "However, tax evaders are known to commit fraud even on electronic platforms by way of misrepresentatio