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IGST is levied on the interstate supply of goods and services as well as Indian imports and exports. Exports are zero-rated under the IGST Act.
Recently, there was discontentment within the finance ministry over the Tax revenues collected by the separate authorities including state and central government.
In a recent record and tweet shared by revenue secretary Hansmukh Adhia itself, the government had successfully collected a revenue of INR 94,016 crores for the month of May 2018.
When it comes to proceeds from the soon to be a year old GST, the Indian state of Telangana is setting benchmarks which other states have found hard to emulate. In a stellar performance, Telangana has created a record by collecting Rs 1,876.93 crore of IGST and SGST in April this year.
After a lower collection of GST, the collections have now picked up the pace in the month of December, accounting to Rs 86,703 crore.
July was the first month after GST implementation and businesses were not well-versed with the new tax system and technical glitches. Still, the GST collection was 95,000 crore.
In October 2023, India recorded gross GST collections of Rs 1.72 lakh crore, marking a 13.4% rise from the previous year. Over the six years since its inception, the New GST system has notably enhanced tax buoyancy, streamlined logistics, improved tax administration, and fostered increased formalization, among other benefits. Consistent growth in tax collections is […]
Domestic rating agency India ratings mentioned that the GST would not support the states to attain the objectives of increasing their tax revenue. The rating agency mentioned that the information would not mean any advantages to the states in the former 5 years since the GST incorporation. From June this year, the centre would halt […]
Most probably, India’s Fiscal Exchequer from Goods and Services Tax (GST) collections is likely to recover from July onwards after witnessing a fall in May and June as per the official data related to ‘one-way bills’ for the first fortnight of the month of June. The data connotes the gradual comeback of economic activity that […]
