The Goods and Services Tax (GST) has filled the government treasury well in the month of November. It is clear that with the increase in economic activities in the country, the trend of GST revenue collection is also increasing. There was a slowdown in the middle due to Corona, but now the situation is improving rapidly. Let us tell you, this GST collection is more than the last month's collection. Thus, this is the second biggest increase since the implementation of GST. Yes, the revenue collection in November has crossed the 1.31 lakh crore mark.
Significantly, in November 2021, the gross GST revenue collection stood at Rs 1,31,526 crore. This includes CGST Rs 23,978 crore, SGST Rs 31,127 crore, IGST Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and cess (cess) Rs 9,606 crore (including Rs 653 crore collected on import of goods). Huh.
17 thousand crores released to states and union territories for GST compensation
The government has settled Rs 27,273 crore towards CGST as regular settlement and Rs 22,655 crore from IGST to SGST. The total revenue earned by the Central Government and State Governments after regular settlement in November 2021 is Rs 51,251 crore for CGST and Rs 53,782 crore for SGST. The Center has also released Rs 17,000 crore to the States and Union Territories for GST compensation as on November 3, 2021.
25 percent more than the revenue released and 27 percent more than 2019-20
For the second consecutive month, the collection of Rs 17,000 crore released to the States and Union Territories for GST compensation has been more than Rs 1.30 lakh crore. The revenue for the month of November 2021 is 25 per cent higher than the revenue released by the States and Union Territories of Rs 17,000 crore for GST compensation for the corresponding month of the previous year and 27 per cent over 2019-20. Revenue from import of goods was 43 per cent higher during the month and revenue from domestic transactions (including import of services) was 20 per cent higher than revenue from these sources during the same month last year.
Second big collection after April 2021
The GST revenue for November 2021 has been the second highest revenue since the introduction of GST. This is the second major collection after April 2021, which was related to year-end revenue and was higher than the previous month's collection, including the impact of required returns to be filed quarterly. This is largely in line with the trend of economic recovery.
Due to these reasons, there has been continuous improvement in the filing of returns.
This current trend of higher GST revenue has been a result of various policy and administrative measures, which have been taken in the past to improve compliance. Central tax enforcement agencies along with state counterparts have detected cases of major tax evasion with the help of various IT tools developed by GSTN, mainly related to fake invoices, returns to trace suspicious taxpayers. , Invoice and E-Way Bill data.
A number of initiatives have been taken in the last year which include increasing system capacity, cracking down on non-filers after the last date of filing returns, auto-population of returns, blocking of e-way bills and non-filing of returns. Passing of Input Tax Credit for the people involved, etc. This has led to a steady improvement in the filing of returns during the last few months.
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FAQs - You will find the answers to all the questions below in this article.
What is the GST amount for November 2020?
GST collection at Rs 1.31 lakh crore
in November, second highest since rollout. New Delhi: Goods and
Services Tax (GST) collections jumped to over Rs 1.31 lakh crore in
November, the second highest since its implementation in July 2017, in
line with the trend in economic recovery, the finance ministry said on
Wednesday.
What is the GST collection in October 2021?
The gross GST revenue collected in the month of October 2021 is Rs1,30,127cr of which CGST is Rs23,861cr, SGST is Rs30,421cr, IGST is Rs67,361cr (including Rs32,998cr collected on import of goods) and Cess is Rs8,484cr (including Rs699cr collected on import of goods).
What is highest GST collection in India?
The government had recorded its highest ever collection of GST in April 2021 at Rs 1,41,384 crore. The revenues for October are 24 per cent higher than the GST revenues in the same month last year and 36 per cent more than 2019-20. "This is very much in line with the trend in economic recovery.
How much GST has been collected?
The gross GST revenue collected in the month of October 2021 is ₹ 1,30,127 crore
of which CGST is ₹ 23,861 crore, SGST is ₹ 30,421 crore, IGST is ₹
67,361 crore (including ₹ 32,998 crore collected on import of goods) and
Cess is ₹ 8,484 crore (including ₹ 699 crore collected on import of
goods).
How is GST collected in India?
India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments.
Transactions made within a single state are levied with Central GST
(CGST) by the Central Government and State GST (SGST) by the State
governments.
What is the full form of GST?
The full form of GST is good and service tax
and is a multi-stage destination-oriented tax that is imposed on every
value addition. This has come as a relief to most people as it has
completely replaced multiple indirect taxes that used to come into play
such as excise duty, VAT, service tax, goods tax, etc.
Where do I file GST?
- Step 1: Use the GST portal that is www.gst.gov.in.
- Step 2: Based on your state code and PAN number, a 15 digit number will be issued.
- Step 3: Each invoice that you have needs to be uploaded.
What is the meaning of GST?
The goods and services tax
(GST) is a tax on goods and services sold domestically for consumption.
The tax is included in the final price and paid by consumers at point
of sale and passed to the government by the seller.
How much is GST in July?
For the 2020 base year (payment period from July 2021 to June 2022), you could get up to: $456 if you are single. $598 if you are married or have a common-law partner. $157 for each child under the age of 19.
Will GST collection crosses 1 lakh crore for the month of September?
GST collections topped Rs 1.17 lakh crore in September, which was 4.5% more than the previous month and 22.5% higher than a year ago. While economic indicators have been showing a steady increase, GST collections have remained over Rs 1 lakh crore, barring a surprise fall in collections in August over July.
Is GST collection increasing?
Finance Minister Nirmala
Sitharaman said in a tweet: “GST collection for October 2021 registered
the second-highest since the implementation of GST Rs 1,30,127 crore
gross GST revenue collected in October. Revenues… of October 2021 are 24% higher than the GST revenues in the same month last year & 36% over '19-20.”
What are the 3 types of GST?
The 4 types of GST in India are:
- SGST (State Goods and Services Tax)
- CGST (Central Goods and Services Tax)
- IGST (Integrated Goods and Services Tax)
- UGST (Union Territory Goods and Services Tax)
Which date GST started in India?
The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. In other words,Goods and Service Tax (GST) is levied on the supply of goods and services.
Who started GST in India?
Who introduced GST in India? Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee Government.
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