gst

CGST busts fake invoices racket in Mumbai

                

Mumbai (Maharashtra) (ANI): Officers of CGST Mumbai South has busted a network of fictitious firms that issued fake invoices of Bullion of approximately Rs 1,650 crore and fake Input Tax Credit (ITC) of Rs 49.7 crore, said a press release on Friday.

The accused have been remanded to judicial custody by Additional CMM Court, Mumbai.
The arrested person had created multiple bogus including Karnataka Jewellers, Balaji Enterprises, and Kismat Enterprises. These three entities had collectively availed and passed on fake ITC of Rs 29.4 crore to another entity Gajamukhi Bullion, which further passed a part of this fake ITC Rs 20.27 crore to Golden Bullion, without actual movement of goods or services. The proprietor of Golden Bullion was arrested in the past.

Detailed investigations revealed that the arrested person was creating fictitious firms at various locations including Mumbai, Belgaum and Bikaner, for monetary gains. Based on material evidence and his confession, he was arrested under Section 69 of the CGST Act for offences under Section 132(1)(b), 132(1)(c) read with Section 132(5) of CGST Act. He was produced before Additional CMM court Mumbai on February 3. He was sent to judicial custody of 14 days. Efforts are underway to apprehend other persons involved in this network.

This case is a part of Anti-Evasion drive launched by CGST, Mumbai Zone against the tax evaders. As a part of this drive, CGST Mumbai South Commissionerate has detected tax evasion of Rs 570 crore approximately recovered Rs 7 crore and arrested 7 persons during the last five months.

The CGST department is using data analysis and network analysis tools to identify potential tax evaders and also coordinating with other tax authorities for nabbing tax evaders. The department is going to intensify this anti-evasion drive in the coming days and months.

GST collection reaches Rs 1,29,780 cr in December 2021

New Delhi [India]: The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the Ministry of Finance on Saturday.
The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the States in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST. The revenues for the month of December 2021 are 13 per cent higher than the GST revenues in the same month last year and 26 per cent higher than the GST revenues in December 2019. During the month, revenues from import of goods were 36 per cent higher and the revenues from domestic transactions (including import of services) are 5 per cent higher than the revenues from these sources during the same month last year.
The GST collection in the month is close to Rs 1.30 lakh crore despite the reduction of 17 per cent in the number of e-way bills generated in the month of November 2021 (6.1 crore) as compared to the month of October 2021 (7.4 crore) due to improved tax compliance and better tax administration by both Central and State Tax authorities.
The average monthly gross GST collection for the third quarter of the current year has been Rs 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarters respectively.
Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct the inverted duty structure. It is expected that the positive trend in the revenues will continue in the last quarter as well.

States demand GST compensation for another 5 years

New Delhi [India]: Several states and UTs including Chhattisgarh, Rajasthan, and Delhi on Thursday urged Union Finance Minister Nirmala Sitharaman to extend GST compensation cess window to states, which is expiring in June 2022, for another five years.
State leaders made the demand during a pre-budget consultation meeting held under the chairmanship of Sitharaman in the national capital. The states also asked the Centre to release outstanding funds as their economy has been impacted badly due to COVDI-19 pandemic.
Talking to reporters after the meeting, Chhattisgarh Chief Minister Bhupesh Baghel demanded that the GST compensation to states should be continued for another five years.
Baghel said there has been a loss of revenue to the states due to the GST tax system. “The Centre has not made arrangements to compensate the loss of revenue of about Rs.5000 crore to the state in the coming year, so the GST compensation grant should be continued for the next 5 years even after June 2022.”
Manish Sisodia, Deputy Chief Minister of Delhi, said the GST compensation is the biggest problem of states. “If the GST compensation will not be extended the states like Delhi would not be able to make Budget,” he said.
Subhash Garg, a minister in Rajasthan Government sought an extension of the compensation cess window till 2027.
Chandrima Bhattacharya, minister in the Government of West Bengal, also demanded extension of GST compensation till 2027.
Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) for Union Budget 2022-23. The meeting was attended by Union Minister of State for Finance, Chief Ministers, Deputy Chief Ministers, Finance Ministers, Ministers and senior officials.
“Most of the participants thanked the Union Finance Minister for financially supporting their States/Union Territories during the worst months of pandemic, by enhancing borrowing limits, providing back to back loans to States, and through Special assistance for capital expenditure,” Finance Ministry said in a statement released after the meeting.
“The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget Speech. The Finance Minister thanked the participants for their inputs and suggestions towards Union Budget 2022-23 and assured them to examine each of the proposals,” it said.

IMPPA Requests FM Nirmala Sitharaman To Abolish GST On Film Industry

The Indian Motion Picture Producers’ Association (IMPPA) on Wednesday wrote a letter to Union Finance Minister Nirmala Sitharaman, requesting her to abolish the Goods and Services Tax levied on the film industry.

Signed by IMPPA President TP Aggarwal, the letter reads, “Requesting you to kindly consider the pain and agony the Film Industry is going through due to extreme taxation and also GST being levied at 18 per cent which is at a very high rate because this is an industry where Government makes no investment at all but takes away the lion’s share in the income generated and therefore in such an industry where the entire capital is being contributed by the entrepreneurs and today at a stage where the industry has reached a dead end due to the pandemic it has become very important and necessary that new blood & strength be pumped into the industry by way of abolishing GST and all other taxes as a onetime measure to revive the industry.” The association urged the government to take necessary steps immediately.

“..Because we have to keep in mind that the Government has given massive tax exemption and subsidy to numerous multiplexes and exhibition outlets which are starved of content and without regular flow of films they will have to close down as it is a business which solely runs on the income generated by sale of tickets which tickets also gets sold only if the film appeals to the public enough to inspire them to pay money and buy tickets and therefore if the industry is to survive it needs films and the Government should immediately take necessary steps to abolish or substantially reduce GST on the M&E Industry,” IMPPA stated.

“We are very happy to note that your kind self has declared uniformal 12 per cent GST rate on MMF, Yarn, fabrics from January 1, 2022, instead of 18 per cent, 12 per cent and 5 per cent prevailing presently which is exactly what we have been appealing to you to save the film Industry from extreme taxation and GST which is levied at 18 per cent but at time of sale GST recovery is only 12 per cent thereby making the taxation of inputs at higher rates than finished products creating build-up of credits and cascading costs leading to accumulation of taxes at various stages of the M&E value chain and blockage of crucial working capital for the industry which industry is already in severe trouble due to total lockdown of production as well as exhibition which has led to severe job losses and financial losses,” the letter concluded.

Cinema halls first shut in March 2020, were allowed to reopen in December, and then shut again over fears of a second wave of coronavirus.

Form ITC-04 to be filed ; GSTR-3B return

New Delhi [India] : The Central Government on Saturday informed the deadline for furnishing ‘Form ITC-04’ (intimation of goods sent on job work) for the quarter ending September till October 25.
In a series of tweets, the Central Board of Indirect Taxes and Customs (CBIC) said the due date to file the quarterly GSTR-3B return for July to September, under the Quarterly Return Monthly Payment (QRMP) scheme is October 24. “Attention GST Taxpayers! Due date for filing Form ITC-04 in respect of inputs/capital goods sent to a job worker or received from a job worker, during the quarter (July to September 2021) is October 25, 2021,” CBIC tweeted.
Reminding the GST taxpayers, who are under QRMP scheme, having principal place of business in State Group 2, to file their returns within three days, CBIC tweeted, “Attention GST Taxpayers who are under QRMP Scheme and having principal place of business in State Group 2. Due date to file your quarterly GSTR-3B Return for July to September is October 24, 2021.”

Pakistan in deep economic crisis, needs USD 51.6 billion external financing

Islamabad [Pakistan] : Pakistan is in the throes of a deep economic crisis with the country requiring gross external financing of USD 51.6 billion within a two-year period (2021-2023) in order to fulfill its needs.
Despite placing very conservative estimates assessed by the IMF, Pakistan’s gross external financing requirement stands at USD 23.6 billion in 2021-22 and USD 28 billion in 2022-23, reported The News International. The Pakistani authorities are making last-ditch efforts to strike a staff-level agreement with the International Monetary Fund (IMF) to bridge the gap of external financing requirements.
Without striking a deal with the IMF under the existing USD 6 billion Extended Fund Facility (EFF) during the ongoing parleys in Washington, this massive gross external financing requirement will be at risk in the wake of the suspension of program loans from other multilateral creditors such as the World Bank (WB) and Asian Development Bank (ADB), reported The News International.
The WB and ADB will continue lending project loans but keeping in view the capacity to implement projects, the disbursement becomes dismally low.
The credit rating agencies may further downgrade the country’s ratings, so generating funds through the issuance of international bonds will become expensive, reported The News International.
The official sources said that the IMF was asking for the removal of distortions into the taxation system and pointed out that different GST exemptions and rates should be aligned with the standard rate of 17 per cent.
The standard GST rate of 17 per cent should be imposed on Petroleum Oil Lubricants (POL) products. The GST rate on fertilizer, tractors and other items should be brought at the standard rate of 17 per cent, reported The News International.
However, Pakistani authorities are opposing such proposals arguing that it would further marginalize the neglected Agri sector.

GST affected economy: Digvijay Singh

Ahmedabad (Gujarat) [India]: Senior Congress leader Digvijay Singh on Sunday said that the way Goods and Services Tax (GST) was structured and implemented by the Central government affected the economy of our country.
In a press conference in Ahmedabad, he said, “The way Goods and Services Tax (GST) was structured and implemented by the Central government affected the economy of our country.” He added, “According to Reserve Bank of India (RBI) data in September 2016, there was 17.8 lakh crore currency in the market. According to RBI data, today this currency has increased to 27 lakh crores. It is not being clarified how this nine lakh crore currency came into our market.”
He said, “From then till today, if digital transactions were more, then the cash liquidity in the market should have been less. Corruption, black money and terrorism should have ended, the fake currency should have ended but it did not happen. Today when banks have liquidity crunch, where has it gone?”
The leader said, “As per reports, Amazon paid legal fees of Rs 8,546 crore, following its dispute with Future group. Who did the company pay the fees to? It is being said that corruption has been done. We demand a committee headed by the Chief Justice of India (CJI) to investigate this matter.”
He further slammed the Centre and said that Prime Minister wants to end the medium and small scale businessmen and tries to establish a multi-national capitalist country. This shows the ideological differences between Bharatiya Janata Party (BJP) and Congress.

Rs 1,17,010 cr GST revenue collected in September 2021: Finance Ministry

The Gross Goods and Services Tax (GST) revenue collected in September 2021 is Rs 1,17,010 crore, informed the Ministry of Finance on Friday.

New Delhi [India], October 1 : This includes Rs 20,578 cr Central Goods and Services Tax (CGST), Rs 26,767 crore State Goods and Service Tax (SGST), Rs 60,911 crore (incl Rs 29,555 cr collected on import of goods) Integrated Goods and Services Tax Act (IGST) and Rs 8,754 crore (including Rs 623 crore collected on import of goods) Cess, said the ministry. “This clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues,” states the ministry.
The government has settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlements in the month of September 2021 is Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST.
The revenues for the month of September 2021 are 23 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 30 per cent higher and the revenues from domestic transaction (including import of services) are 20 per cent higher than the revenues from these sources during the same month last year.
The revenue for September 2020 was, in itself at a growth of 4 per cent over the revenue of September 2019 of Rs 91,916 crore.
The average monthly gross GST collection for the second quarter of the current year has been Rs 1.15 lakh crore, which is 5 per cent higher than the average monthly collection of Rs 1.10 lakh crore in the first quarter of the year.
Centre had also released GST compensation of Rs. 22,000 crore to the States to meet their GST revenue gap.

GST Council extends concessional rates on COVID-related medicines till Dec 31

Lucknow (Uttar Pradesh) [India]: The GST Council on Friday extended Goods and Services Tax concessions on COVID-related medicines till December 31 this year.
Briefing media persons after the 45th meeting of GST Council held in Lucknow, Finance Minister Nirmala Sitharaman said GST rate on biodiesel which is supplied to oil marketing companies for blending with diesel has also been reduced from 12 per cent to 5 per cent. She said extension has been given in existing concessional GST rates on COVID-19 treatment drugs up to December 31. The exemption was valid till September 30.
These drugs are Amphotericin B (nil), Remdesivir ( 5 pc), Tocilizumab (nil) and anti-coagulants like Heparin – (5 pc).
The minister said that transport of export goods by vessels and air is exempt from GST till September 30 and this exemption was given because of difficulties being faced by exporters in getting a refund of ITC (Input Tax Credit) due to technical issues on the GST portal.
She said this exemption is being extended by one more year.
The minister spoke about tax concessions on medicines not related to COVID-19.
“We have seen in the last one year and probably earlier that some life-saving drugs, which are not connected with Corona and are very expensive. Exemptions have been given for such drugs. I am giving the names of two because those two are very expensive drugs — Zolgensma and Viltepso. These two are very important drugs which cost something like Rs 16 crores. So the council has decided to grant exemption from GST for these two,” she said.
“Drugs that are suggested by the Ministry of Health for treating muscular atrophy, on the recommendation of Health Ministry and Department of Pharmaceuticals, are also exempted for IGST on import for personal use. The concessional GST rates on corona-related medicines have been extended till December 31, 2021. GST rate on seven other medicines, which are recommended by the Department of Pharmaceuticals, have also been recommended for reduction from 12 per cent to 5 per cent. That is also extended till December 31, 2021,” she added.
Sitharaman said that cancer-related drugs – Keytruda – along with similar other medicines used in the treatment of cancer as per the Health Ministry are being recommended for tax concession from 12 to 5 per cent.
The Minister further said National Permit Fee charged by states for granting permits to goods vehicles to operate throughout the country or in contiguous states is being exempted from GST.

Centre owes over Rs 30,000 crore to Maharstra

Maharashtra Deputy Chief Minister Ajit Pawar on Thursday claimed that the Centre owes over Rs 30,000 crore to Maharashtra towards the Goods and Services Tax (GST) compensation.

Mumbai (Maharashtra) [India], September 16 : “Aim of GST was one nation one tax. Some of the commitments of the GST council are still not fulfilled. It must be fulfilled on priority. Till yesterday Maharashtra state’s GST return of 30-32 thousand crore is still not given to us,” Pawar told media personnel here. This comes ahead of the GST council meeting to be held on Friday at Lucknow.
Pawar stated Maharashtra has requested virtual attendance for the meeting and said that the state government has written suggestions for the meeting.
“We have to see what stand Centre takes on the demand of bringing the fuel prices under GST. We will take our stand when the issue is brought before us,” he added.
Union Finance Minister Nirmala Sitharaman will chair the 45th GST Council meeting at Lucknow on Friday. The meeting will also be attended by MoS Finance Pankaj Chaudhary.
“Finance Minister @nsitharaman will chair the 45th GST Council meeting at 11 AM in Lucknow tomorrow. The meeting will be attended by MOS @mppchaudhary besides Finance Ministers of states and UTs and senior officers from Union government and states,” the Union Finance Minister tweeted.

Demonetization, GST, farm laws weaken Indian economy, says Rahul Gandhi

Kozhikode (Kerala) [India], August 17 : Congress leader Rahul Gandhi on Tuesday slammed the Centre over demonetisation, GST, and farm laws saying that they are designed to weaken the informal structure of the Indian economy.
The Congress leader was speaking at the inauguration of Karassery Panchayat and felicitation of farmers at Karassery Bank Auditorium in Kerala’s Thiruvambady. “Demonetisation, GST and now the farm laws are designed to weaken the informal structure of the Indian economy. A consequence of these actions will be that India will simply not be able to give employment to its youth,” said Rahul Gandhi in his address.
He said that farmers intelligence, resourcefulness, spirit require a level playing field but they do not have that.
“Agriculture is an intrinsic part of our history, culture and heritage. I believe in farmers and in their capacity to innovate and I believe in their intelligence. But their intelligence, resourcefulness, spirit requires a level playing field. They have given this country so much,” he said.
“The Indian farmers and the farmers of Wayanad do not ask for much and the heart at that they want is fairness and the level playing field where they can compete with others. Today I say with sadness that our farmers do not have a level playing field and our farmers do not play in a fair environment,” he added.
He further said that the three farm laws will destroy the backbone of Indian agriculture.
“You are aware of their protest across the country in regards to the farm laws. I fully understand their agitation and their stand is absolutely correct because these three farm laws will destroy the backbone of Indian agriculture. The agriculture sector will go from one that helps our farmers to one that will help only two-three large corporates in the country,” said Rahul Gandhi.
He further said that there is weakness in the agriculture sector and the government should improve it.
“We are not saying there is no weakness in agriculture. The government should improve the procurement system instead they are destroying the system. They are destroying the mandis, and this will have unimaginable consequences not only for the farmers but for the middle class for food prices, and for social and for economic stability in the country,” the Congress leader added.
Earlier in the day, the Congress leader held a review meeting with the District Collector in Kalpetta, Wayanad.
Rahul Gandhi is on a 3-day visit to his parliamentary constituency Wayanad in Kerala, from August 16 to August 18

Profound structural flaw in GST system, says Tamil Nadu Finance Minister

New Delhi, Aug 11: Tamil Nadu Finance Minister Palanivel Thiaga Rajan has been vocal about his position on GST and never mince words in pointing out the issues involving the indirect tax system.

Speaking about the problems related to GST, the Minister on Wednesday said that there was a profound structural flaw and lack of clarity in the system.

“…I find that there is such profound structural flaws and lack of clarity which raise the question that four and half years after the (GST) council, the law and the system we still debate, for an hour and half in the beginning of the meeting that happens after 8 months break when law calls for every three-month meeting, the first hour and half of the 43rd Council meeting was, which items on the agenda are for approval, which are for ratification and which are for information,” Rajan said in an interview to news channel NDTV.

He further said that given the fact as stated the GST system was surely not an ideal one.

The Minister, however, noted that he was a new entrant (in GST Council) and his views were more as a systems analyst or ex-banker or ex-consultant.

Palanivel Thiaga Rajan or PTR as he is commonly known holds engineering degree from NIT, Trichy and an MBA degree from prestigious Sloan School of Management at MIT.

Asked if the economy was back on track as claimed by the government and also indicated by some macro numbers, the MIT graduate-turned politician said he would wait for data to come for a few more months to conclude if the green shoots were permanent.

He noted that the economy had suffered from structural damage not because of Covid but prior to that as a result of bad policy and lack of corrective action at the right time.

The economy was in steady decline for 7-8 quarters before we heard the word Covid, Rajan said.

‘Reforms are a matter of conviction’

Prime Minister of India, Narendra Modi

New Delhi [India]: Noting that reforms are not a compulsion but a conviction for the government, Prime Minister Narendra Modi on Wednesday said that the Centre’s decision to away with retrospective taxation will strengthen the trust between the government and the industry.
Addressing the Confederation of Indian Industry (CII) Annual Meeting 2021, the Prime Minister urged the industry to take full advantage of the atmosphere of trust for India’s development and capabilities. “Reforms are not compulsion, reforms are conviction for us. We have passed such bills in this session of parliament which will speed up the pace of growth of the country. Our economy is recovering. The industry is a major part of India’s growth story. With the efforts of all of you, India’s economy is picking up pace once again. There is rarely a day when a CEO doesn’t issue a statement or there’s not a report on new opportunities,” he said.
He referred to the Parliament passing the bill to nullify retrospective taxation on August 9 during the monsoon session of parliament.
“We have rectified the mistake done in past and decided to do away with the retrospective taxation. The industry is praising this decision of the government and I believe that this will strengthen the trust between the government and Industry. Today there is a government in the country which is ready to take risks for the benefit of the country.”
Stating that the Industry is a major part of India’s growth story, PM Modi mentioned that due to its efforts the economy is recovering and is picking up pace again.
He said India is receiving record FDI and FPI investment is also making new records due to the efforts of the government.
“The country’s forex reserve is at an all-time high,” he added.
The Prime Minister said ‘New India’ is ready and committed to growing with the new world.
India, which was once apprehensive of foreign investment, is today welcoming all types of investments and is taking major leaps in ease of doing business ranking today, he noted.
Pointing out that there was a time when the foreign-made product was seen to be better suited and Indian brands took years to get established, he said things are changing very fast now.
“The Industry has to make its policies and strategies in accordance with this, going ahead in the ‘Aatmanirbhar Bharat Abhiyan,” he said.
He said trust of the countrymen is with the products made in India and every Indian wants to adopt such products though the company making those products might not necessarily be Indian.
During the meeting, the industry leaders appreciated the Prime Minister’s commitment towards reforms in various sectors, in order to achieve the goal of a $5 trillion economy.
The Prime Minister, who addressed the gathering through video conference, said that this CII meeting is taking place on the eve of the 75th Independence Day, in the midst of the Azadi ka Amrit Mahotsav.
He said this is a huge opportunity for new resolutions and for new goals of the Indian industry.
PM Modi said the major responsibility for the success of the self-reliant India campaign lies on Indian industries and he lauded the industry for their resilience during the pandemic
The Prime Minister said that the red-tapism of the past has been replaced by a significant rise in the ease of doing business index.
He referred to rationalising of labour laws into four labour codes and said agriculture, which was treated as a mere means of livelihood, is being connected with the markets through reforms.
The Prime Minister said when the Indian youth enter a field today, they do not have that hesitation. “They want to work hard, take risks and bring results. Similar confidence is in India’s startups today,” he said.
Noting that India today has 60 unicorns compared to possibly 3-4 unicorns 6-7 years ago, he said 21 of these unicorns have emerged during the last few months.
“The unicorns, with their diversity of sectors, indicate changes in India at every level,” he said, adding that investor response has been tremendous for the startups and this signals that India has extraordinary opportunities for growth.
Referring to the initiatives taken during the Parliament session, he said the Factoring Regulation amendment Bill will help small businessmen to get credit and Deposit Insurance and Credit Guarantee Corporation Amendment Bill will protect the interests of small depositors.
Noting that GST was stuck for so many years because the previous governments could not muster up the courage to take political risks, he said not only has GST been implemented but the country was seeing record GST collection.

HP registers 50.7pc increase in GST collection in July

Hamirpur (HP), Aug 3: Himachal Pradesh has registered a growth of 50.7 per cent in July 2021.
The GST collected this month stands at Rs 473.81 crore which is the highest GST collection in any single month since implementation of GST.
The cumulative GST collections up to July-2021 now stand at Rs 1301.03 crore. The state had collected Rs 705.26 crore during the corresponding period in the last financial year.
An official spokesman said today that some of the reasons for the improved GST collections are increased business activities in the state, improvement in return filing as a result of better monitoring of taxpayers, and more effective enforcement activities by the department.

Odisha : GST collection Up

Bhubaneswar (Odisha): Odisha recorded a Goods and services (GST) collection of Rs 3,615 crore during July 2021, 54 per cent higher than Rs 2,348 crore in July 2020.


This is the 2nd highest ever gross collection of GST by the state in any month after the collection of Rs 3,849 crore recorded during April 2021. This growth rate of GST in Odisha is the second highest amongst all major states in India after Maharashtra “The progressive GST collection till July 21 is Rs 13661 crores against Rs 7,540 crore with a growth of 81 per cent. The corresponding collection till July 19 was Rs 10,513 crores,” according to a release by the state government.


The collection of OGST during the month of July 21 is Rs 1067 crore against a collection of Rs 794 crore during July 2020 recording a growth of 34 per cent. The collection of Rs 1,067 crore is also the second-highest ever collection after a collection of Rs 1,126 crore recorded during April 2021.


“The progressive collection of OGST upto July 21 is Rs. 3880 crores, against a collection of Rs. 2354 crore upto July 20 recording a progressive growth of 65 per cent.The corresponding figure till July 19 was Rs 3023 crore. There is a collection of Rs 927 crore in CGST, 1028 crore in IGST and 592 Cr in Cess during July 21,” read a release by the state government.


The total e-waybill generated during July 2021 was 14.43 Lakh against 11.23 Lakh during July’20 witnessing a growth of 28 per cent.


“This growth during July 21 is a result of better compliance by dealers having a turnover of more than Rs. 5 crores. During the previous year as well as QRMP Dealers filing returns for the Quarter ending June 21. An increase in the collection is also due to rising in commodity prices in iron and steel as well as the mining sector and collection from matured GST demand made by tax officers after return scrutiny,” the release said.


“This is also a result of regular follow up by the tax officials as well as closer scrutiny of returns filed by the dealers and enforcement measures undertaken by the Commercial tax organization,” it said.


According to the state government, the total collection of VAT (Petrol and Liquor) is Rs 824.53 crores during July 21 as against Rs 611.36 crore during July 20 with a growth rate of 34.86 per cent.


“Out of the above, collection from Petroleum Products is Rs 674.53 crores during July 21 as against Rs 501.36 crore during July 20 with a growth rate of 34.54 per cent. Similarly, the collection from liquor is Rs 150.01 crores during July 21 as against Rs.110.43 crores during July 20 with a growth rate of 36.36 per cent,” the release said.


As per the state government, 9386 numbers of new registrants have been brought under the GST during the current Financial year.

I’m optimistic that 130 crore Indians will continue to work hard to ensure India reaches new heights: PM Modi

New Delhi [India], August 2 : Prime Minister Narendra Modi on Monday expressed his optimism that 130 crore Indians will continue to work hard to ensure India reaches new heights as it celebrates its Amrut Mahotsav.
In a series of tweets, PM Modi cited high GST collection numbers, record vaccinations and India’s Olympic sporting achievements to express hope for the future. “As India enters August, which marks the beginning of the Amrut Mahotsav, we have seen multiple happenings which are heartening to every Indian. There has been record vaccination and the high GST numbers also signal robust economic activity,” said PM Modi in a tweet.
He said, not only has PV Sindhu won a well-deserved medal, but also we saw historic efforts by the men’s and women’s hockey teams at the Olympics.
“Not only has PV Sindhu won a well-deserved medal, but also we saw historic efforts by the men’s and women’s hockey teams at the Olympics. I’m optimistic that 130 crore Indians will continue to work hard to ensure India reaches new heights as it celebrates its Amrut Mahotsav,” he added

‘Economy is recovering’

New Delhi [India] : Union Finance Minister Nirmala Sitharaman on Sunday said that Goods and Services Tax (GST) collection for July 2021 has again crossed Rs one lakh crore with easing out of COVID-19 restrictions and added it indicates that the economy is recovering at a fast pace.


“With the easing out of COVID restrictions, GST collection for July 2021 has again crossed Rs one lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too,” Sitharaman tweeted.

Over Rs 1.16 lakh crores gross Goods and Services Tax (GST) revenue was collected in July of which CGST is Rs 22,197 crores, SGST is Rs 28,541 crores, IGST is Rs 57,864 crores and Cess is Rs 7,790 crores (including Rs 815 crores collected on import of goods), the Ministry of Finance informed on Sunday.


These figures include GST collection received from GSTR-3B returns filed between July 1, 2021, to July 31, 2021, as well as IGST and cess collected from imports for the same period.


The GST collection for the returns filed between July 1 to July 5, 2021, of Rs 4,937 crores had also been included in the GST collection for June 2021.


“With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too,” the Finance Ministry said.

GST Collection For The Month Of June Fell Below Rs 1 Trillion For The First Time

Goods and Services Tax (GST) collections for the month of June fell below Rs 1 trillion for the first time in months, government data released on Tuesday showed.

The gross GST revenue collected in the month of June is at Rs 92,849 crore. The collection dropped below Rs 1 trillion marks after posting above the mark for eight months in a row. GST collections moderated to an eight-month low of Rs 1.02 trillion in May.

The revenues for the month of June 2021 are 2 percent higher than the GST revenues in the same month last year.

The figures include GST collection from domestic transactions between June 5 to July 5 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June for the taxpayers with the aggregate turnover up to Rs 5 crore in the wake of covid pandemic second wave.

The GST collection for June is related to the business transactions made during May. During May, in most of the States, UTs were under either complete or partial lockdown due to Covid. The e-way bill data for the month of May 2021 shows that during the month, 39.9 million e-way bills were generated as compared to 59 million in the month of April, down by more than 30 percent.

However, with a reduction in caseload and easing of lockdowns, the e-way bills generated during June is 55 million which indicates recovery of trade and business, the ministry of finance said.

The daily average generation of e-way bills for the first two weeks of April 2021 was 2 million, which came down to 1.6 million in the last week of April 2021 and further to 1.2 million in the two weeks between to May 9-22. Thereafter, the average generation of e-way bills has been increasing and has reached again to 2 million levels since the week beginning June 20. Therefore, it is expected that while the GST revenues have dipped during the month of June, the revenues will see an increase again from July 2021 onwards.

Of the total collections, CGST is Rs 16,424 crore, SGST is Rs 20,397, IGST is Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods).

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