The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
Since the legal changes in the draft laws would take some time, it was decided to postpone the November 25 meeting
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
States should have enough time. We still do not know the rules. There are a lot of operational difficulties, says Jammu and Kashmir Finance Minister Haseeb Drabu.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
Know what terms like anti-profiteering, CGST, SGST, IGST means in the new regime
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
The collections stood at Rs 98,202 crore in the month, against Rs 1.02 trillion in July. The figures indicate continuation of economic slow down which was reflected in the gross domestic product (GDP) growth which plummeted to a 25-quarter low of 5 per cent in the first quarter of 2019-20, experts said.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
The CAG audit and other data suggests it could be far from the efficient new alternative that was once conceptualised. A conclusive review remains elusive till the government begins to release more granular and comparable data on the complex backend of GST to a deeper scrutiny, by researchers, auditors and the public.
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
The government introduced the 122nd Constitution amendment Bill.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
The special package assistance would be used to augment irrigation structures in drought-prone areas to address the agrarian distress and drinking water crisis.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
Although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.
The next meeting of the GST Council on January 16 would discuss the issue of jurisdiction over assessees as well as try to reach a finality on taxation of territorial waters
As much as Rs 6,696 crore has been released to the states as GST compensation for the month of March 2018, as on May 29.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
Ahead of the first meeting of the top decision-making body in nearly eight months, finance ministers of eight states ruled by non-Bharatiya Janata Party and like-minded parties -- Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal -- have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.
Experts have flagged issues regarding the levying of new cess/tax, especially those related to complications in administering the cess.
The large drop was for export orders that were meant to be delivered until October.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
The shortfall in the Centre's GST collections has raised concerns over it meeting the fiscal deficit target of 3.3 per cent of GDP, reports Ishan Bakshi.
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance
Only 69 per cent of the assessees filed returns
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
It shows that states would require a compensation to the tune of at least Rs 1.67 trillion in 2024-25, as none of them would be able to achieve a 14 per cent growth every year.
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
A well-established tax system would have a predictable buoyancy - how fast the collections grow as a proportion to the growth of the economy. But that is not the case with GST. It is still undergoing substantial changes as the government responds to structural as well as administrative glitches.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
