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GST collection for Oct at over Rs 1.30 lakh cr
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SME Times News Bureau | 01 Nov, 2021
The GST collection of the government maintained its momentum this
fiscal year despite Covid disruption as a pickup in economic recovery is
shoring up corporate earnings.
The gross GST revenue collected
in the month of October 2021 stood at Rs 1,30,127 crore, which is a
growth of 24 per cent over the GST revenues in the same month last year
and 36 per cent over 2019-20.
The revenue for October is also the
second highest ever since introduction of GST, second only to that in
April 2021, which is related to year-end revenues.
This is very
much in line with the trend in economic recovery. This is also evident
from the trend in the e-way bills generated every month since the second
wave, a finance ministry statement said.
According to the
statement, of the total October GST collection, CGST is Rs 23,861 crore,
SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (including Rs 32,998
crore collected on import of goods) and Cess is Rs 8,484 crore
(including Rs 699 crore collected on import of goods).
The
government has settled Rs 27,310 crore to CGST and Rs 22,394 crore to
SGST from IGST as regular settlement. The total revenue of Centre and
the States after regular settlements in the month of October 2021 is Rs
51,171 crore for CGST and Ts 52,815 crore for the SGST.
During
the month, revenues from import of goods was 39 per cent higher and the
revenues from domestic transaction (including import of services) are 19
per cent higher than the revenues from these sources during the same
month last year.
The revenues would have still been higher if the
sales of cars and other products had not been affected on account of
disruption in supply of semi-conductors, the finance ministry said.
The
revenues have also been aided due to the efforts of the State and
Central tax administration resulting in increased compliance over
previous months, the ministry added.
In addition to action
against individual tax evaders, this has been a result of the
multipronged approach followed by the GST Council. On the one hand,
various measures have been taken to ease compliance like nil filing
through SMS, enabling Quarterly Return Monthly Payment (QRMP) system and
auto-population of return. During the past one year, GSTN has augmented
the system capacity considerably to improve user experience.
On
the other hand, the Council has also taken various steps to discourage
non-compliant behaviour, like blocking of e-way bills for non-filing of
returns, system-based suspension of registration of taxpayers who have
failed to file six returns in a row and blocking of credit for return
defaulters.
The number of returns (GSTR-3B) of every
month/quarter by the end of next month is a good parameter indicating
timely payment of returns and filing of returns. After the last date of
filing of returns, special efforts are undertaken to ensure compliance
by the end of the month in form of messaging by GSTN and close follow up
by the Centre and State tax administration.
This has also been
aided by the fact that at various occasions, the Council decided to
waive late fee allowing people to file old returns and come up-to-date
in filing of returns. With more and more taxpayers filing the returns
every month, the percentage of returns of old period filed in any month
has been increasing continuously.
About 1.5 crore returns were
filed in the month of July 2021 as taxpayers filed returns of past
months taking benefit of the relaxation given due to Covid.
With
improvement in return filing, the focus of the GST Council has been on
timely filing of GSTR-1, the statement containing details of invoices.
This statement is critical to ensure discipline in taking input tax
credit. Various steps have been taken to ensure timely filing of GSTR-1.
Overall,
the impact of these efforts has ensured increased compliance and higher
revenues. As a part of overall efforts to plug evasion, more steps to
restrict fake ITC are under consideration of the GST Council, the
ministry statement said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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