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The GST collections for September are likely to be higher than Rs 95,000 crores for the first time this fiscal year. The amounts are registered to be published on Thursday. The figure might nearer to Rs 1 trillion. The GST collections prove to be the best economy for recovery. September results for the transaction were […]
FM Nirmala Sitharaman dismissed the fact that increasing goods and services tax (GST) collections only provides an advantage before the Centre. She elaborated that the indirect tax system increases the revenue of the state by nearly Rs 9 trillion between 2018-19 and 2022-23 compared to the amounts that have been collected via the before subsumed […]
The indirect tax collection for FY24 has surpassed the revised estimates (RE) of Rs 14.84 lakh crore by “a handsome margin”, supported by a record GST mop-up, a government official expressed. Praising the measures of tax officials, CBIC chairman Sanjay Kumar Agarwal, in a letter to field officials, expressed, “I am happy to inform that […]
According to the Ministry of Finance’s announcement on December 1, the government’s Goods and Services Tax (GST) collections surged by 15 per cent year-on-year in November, reaching Rs 1.68 lakh crore. The November GST collections, standing at Rs 1.68 lakh crore, depict a 2 per cent decrease compared to October’s GST collection of Rs 1.72 […]
Apart from the implementation of a new income-tax structure featuring reduced rates, fewer exemptions, and deductions, the income-tax department has embraced technology to simplify the tax-filing process. For instance, the threshold for tax audits in small businesses was raised significantly to Rs 10 crore from the previous Rs 1 crore. Additionally, individuals above 75 years […]
In October, the combined revenue from Goods and Services Tax (GST) collected by central and state governments reached ₹1.72 trillion, marking a notable 13% surge compared to the previous year. This figure represents the second-highest monthly collection since the implementation of the new tax system in 2017. The cumulative GST earnings for this year align […]
Haryana has achieved a significant milestone in Goods and Service Tax (GST) collection, securing the fifth position among the top states in the country With a notable growth of 18.3%, the state recorded a total tax collection of ₹32,076 crore during the first six months of the current financial year (April-September 2023), compared to ₹27,155 […]
The amount of GST collected in India for the month of February increased 12% year on year to Rs 1.49 lakh crore. According to an official statement from the finance ministry, at Rs 11,931 crore, the cess collected by the centre last month was the highest since the introduction of the GST. From the total […]
Since inflation seems to surged for a longer duration and the major state elections are due in 2023, the union government might opt not to restructure the GST slabs prior to the same leaving office in May 2024, as per the officials. Post to the state assemblies elections in Himachal Pradesh in the month of […]
