In positive news coming from every corner of the nation, the union finance ministry has highlighted some of the good jumps in GST collections from 3 developed states of India. Talking about Kerala.
From the past period i.e August 2020 the state, Kerala had set a 31% rise in GST collection which is a new record as per the August 2021 period.
GST collection stood at Rs 1612 cr in the previous month as per the information given by the Union Finance Ministry. It was Rs 1229 cr in August 2020. The previous month’s collection is more than the pre-covid-19 revenue of Rs 1582 cr for August 2019 which shows the state-wise information for the same month.
The specified collection for August this year is less than July 1675 cr.
Talking about the 31% rise recorded in the previous month over August 2020, Finance Minister K.N. Balagopal stated that if it gets left to see whether it was sustainable.
If the current situation has been maintained then the economy can revert to pre-covid-19 with a quicker rate, Mr. Balagopal specified that on Thursday stating the issues on a meet the press program held through the Kerala Union of working journalists.
In spite of the financial situation, the state government has to ensure enough resources for Kerala Infrastructure Investment Fund Board (KIIFB) so that the loan repayment and the additional responsibilities shall not be hit, commented by Balagopal.
The state will press for the prolongation of GST compensation time through the other 5 years at the coming 45th meeting of the GST council department on 17 September.
Mr Balagopal mentioned that the centre to which they support their revenues via a collection of cess is not accepting that the states have their fair share of the revenues. “It requires a serious debate on how the States can move forward in such a situation. There is a need for States to stand united to protect their interests,” he stated.
Even with the financial obstacle, the state government has handled to provide the total of Rs 9018 cr in the Onam season through the method of bonus and allowances welfare pensions, assistance, and the free kits he dignified.
Odisha enrolled a 41% in GST collection to Rs 3316.55 cr for the August month with respect to the year-ago stated by the council on Saturday.
The state recorded a GST collection of Rs 2,348.28 crore in August the previous year, he said.
“This is the second-highest growth rate of GST among all the major states in the country,” remarked Director CT and GST SK Lohani.
The state has obtained Rs 16,977.92 cr GST in the current fiscal till August with respect to the collection of Rs 9,888.99 cr for that period last year he added that a 71.69% rise was recorded.
The majority of the businesses were shut in the period last year as per the government has bombarded the lockdown in between the start covid-19. But the limitations were more informal this year despite the 2nd wave hitting the state.
For August the state had obtained Rs 885.21 cr VAT from the fuel sale and others with respect to Rs 606.16 cr for a similar month last financial year. The growth rate of the Value Added Tax (VAT) collection was 46.03%.
The rise in the collection was indeed due to the increase of the cost of iron and steel and collection from the matured GST demand made by tax officers after return scrutiny, the administrator said.
“All circles have been instructed to ensure at least 90 per cent return filing within the due date. In the current financial year, 16,608 notices have been issued to non-filers while 2,369 assessments initiated for non-filing of returns,” he said.
For August Punjab recorded a goods and services tax (GST) collection of ₹1,188.70 crores 2021, a rise of 20.41% over the revenue of ₹987.20 crores during the corresponding month of the previous year.
Post to the 2nd wave it is clearly seen that the rise in growth reveals the fast economic recovery. The sectoral analysis of the GST receipts suggests a healthy recovery in sectors such as iron and steel, electronic goods, fertilizers, telecom, and banking.
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