Goods and Services Tax (GST) revenue collections recorded a positive growth of 6% in the month of November amounting to 1,03,492 crore rupees. Of this, CGST is 19,592 crore rupees, SGST 27,144 crore, IGST 49,028 crore and Cess 7,727 crore rupees.
Crux of the Matter
The impressive 6% recovery comes after two months of negative growth and economic slowdown.
As a regular settlement, the government settled 25,150 crore rupees to CGST and 17,431 crore rupees to SGST from IGST.
Gross GST revenue collection in October had dropped to Rs 95,380 crore which was to a 5.3% decline on a year on year basis. The lowest collection since February 2018 was in month of September 2019 with mere Rs 91,916 crore.
Along with the effects of government’s financial measures experts have attributed the increase due to increased spending during the festival of Diwali.
Curiopedia
Goods and Services Tax (GST) is an Indirect Tax that came into effect from July 1, 2017.It is a comprehensive multistage, destination based tax.Ithas subsumed almost all the indirect taxes except few; multi-staged as it is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination based tax, as it is collected from point of consumption and not point of origin like previous taxes. Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime. More Info
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