Wait...
  1. Home >
  2. Export Import News >
  3. GST News >
  4. GST collections drop to Rs 97,637 crore in November >
  5. GST collections drop to Rs 97,637 crore in November

Online Export Import Data Search

recentSearch
Complete Training Video : Click Here

GST collections drop to Rs 97,637 crore in November.


Date: 15-07-2019
Subject: GST collections drop to Rs 97,637 crore in November
Revenue collection from Goods and Services Tax (GST) declined to Rs 97,637 crore in November from Rs 1 lakh crore a month ago, data released by the finance ministry showed.

Out of the total collection, Central GST (CGST) was Rs 16,812 crore, with states garnering Rs 23,070 crore State GST (SGST). At least Rs 8,031 crore was received as cess, with Rs 49,726 crore collected as Integrated GST (IGST), which is levied on inter-state supply of goods and services and is divided between states and the Centre.

The total number of GSTR 3B or summary form-based returns filed for the month of October up to November 30, was 69.6 lakh, higher than 67.5 lakh a month ago.

For the bi-monthly period August-September, compensation of Rs 11,922 crore has been released to the states.

The government has set a target of over Rs 12 lakh crore for the financial year 2018-19, which can be achieved if the average monthly mop up is around Rs 1 lakh crore, as compared with Rs 89,885 crore in 2017-18.

Till now (April-November), the government has collected Rs 7.76 lakh crore revenue from GST. Achieving the revenue collection target is crucial as it has a direct bearing on the fiscal deficit, which is a gap between government’s revenue and expenditure.

In the last eight months, tax mop-up has crossed Rs 1 lakh crore twice — in April and October. While revenue in April was higher as businesses generally pay arrears for some of the previous months, mop-up in October was Rs 1 lakh crore due to the onset of the festive season.

Traditionally, the government garners maximum tax during the third quarter (October-September) of any financial year as consumption picks up substantially during the festive season.

“The lower-than-expected GST collections during this fiscal provides very little elbow room for any further rate reductions in the current fiscal, considering the need to stick to the fiscal deficit targets,” M S Mani, Partner, Deloitte India said.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 13-08-2019
Notification No.59/2019 - Customs (N.T.)
Exchange Rates Notification No.59/2019-Custom(NT) dated 13.08.2019.

Date: 13-08-2019
Instruction No. 03/2019-Customs
Recovery of Export benefits given under incentive and Reward Schemes under Chapter 3 of FTP on re-import of export goods.

Date: 10-08-2019
NOTIFICATION No. 32/2019-Customs (ADD)
Seeks to impose anti-dumping duty on imports of "Homopolymer of vinyl chloride monomer (suspension grade)" originating in or exported from China PR and USA for 30 months with effect from 13th August, 2019, in pursuance of SSR investigation by DGTR.

Date: 08-08-2019
Notification No. 57/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver.

Date: 08-08-2019
Trade Notice 29/2019-20
Online filling of applications for claiming assistance under Transport and Marketing Assistance (TMA) for Specified Agriculture Products Schem

Date: 08-08-2019
Notification No. 58/ 2019-Customs (N.T.)
Further amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997

Date: 08-08-2019
Circular No. 24/2019-Customs
Clarification regarding applicability of All Industry Rates of duty drawback while fixing Brand Rate of duty drawback in post GST era.

Date: 06-08-2019
Notification No. 31/2019-Customs(ADD)
seeks to amend notification No.12/2019-Customs (ADD) dated the 26.02.2019 as per Corrigenda issued by Designated Authority vide notification F. No. 6/45/2017-DGAD 31.05.2019.

Date: 05-08-2019
Notification No. 56/2019 - Customs (N.T.)
Exchange Rates Notification No.56/2019-Custom (NT) dated 05.08.2019

Date: 05-08-2019
Notification No. 33/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001