Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the finance ministry said on Thursday.
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.
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.
Majority expect economy to slow down, but are satisfied with Modi govt's performance.
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.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Restricting the input credit is not a good idea for any sector, particularly real estate which requires more formalisation.
The move will help address apprehensions as well as potential disputes on various computational and transitional issues such as the loss of input credits and pricing that were bound to arise on account of the change.
Group of ministers to review progress every fortnight.
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
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