India's Goods and Services Tax collection for the month of August was recorded at Rs 143,612 crore, which is 28 per cent higher as compared to the same month last year but lower than Rs 148,995 crore collected in July.

Monthly GST revenue collections have been more than Rs 1.4 lakh crore for six months in a row now, said the Union finance ministry in a statement on Thursday. Of the total collected GST in August, Rs 24,710 crore was part of CGST, Rs 30,951 crore SGST, Rs 77,782 crore IGST (including Rs 42,067 crore collected on import of goods) and cess of Rs 10,168 crore, data showed.

"The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy," a government statement said on Thursday.

This, the statement said, is a clear impact of various measures taken by the GST Council in the past to ensure better compliance.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-gdp-jumped-135-in-june-quarter-on-pandemic-rebound-official-figures-511791" hreflang="en">India's GDP jumped 13.5% in June quarter on pandemic rebound: Official figures</a>

"Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis. During the month of July 2022, around 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19 per cent higher than 6.4 crore&nbsp;in June 2021," it added.

It is pertinent to note that the GST revenue collections crossed the Rs 1.5 lakh crore mark for the first time in the month of April at Rs 1.68 lakh crore. The GST regime in India completed its five years recently.

The government through the GST taxation system intended to bring in uniform taxes across the country, besides transparency, accountability, and a simpler registration process.

GST was introduced on July 1, 2017, and all states were assured of compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.

For providing compensation to states, cess is being levied on certain goods and the amount collected is being credited to Compensation Fund. Compensation to states is being paid out of the Compensation Fund with effect from July 1, 2017.

At the latest GST Council meeting held in Chandigarh, several states sought an extension of the compensation at least for a few years, if not for five years. Any formal decision on it, if at all, is yet to be taken.&nbsp;

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India's Goods and Services Tax collection for the month of August was recorded at Rs 143,612 crore, which is 28 per cent higher as compared to the same month last year but lower than Rs 148,995 crore collected in July.

India's Goods and Services Tax collection for the month of August was recorded at Rs 143,612 crore, which is 28 per cent higher as compared to the same month last year but lower than Rs 148,995 crore collected in July. Monthly GST revenue collections have been more than Rs 1.4 lakh crore for six months in a row now, said the Union finance ministry in a statement on Thursday. Of the total collected GST in August, Rs 24,710 crore was part of CGST, Rs 30,951 crore SGST, Rs 77,782 crore IGST (including Rs 42,067 crore collected on import of goods) and cess of Rs 10,168 crore, data showed. "The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy," a government statement said on Thursday. This, the statement said, is a clear impact of various measures taken by the GST Council in the past to ensure better compliance. Also read | India's GDP jumped 13.5% in June quarter on pandemic rebound: Official figures "Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis. During the month of July 2022, around 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19 per cent higher than 6.4 crore in June 2021," it added. It is pertinent to note that the GST revenue collections crossed the Rs 1.5 lakh crore mark for the first time in the month of April at Rs 1.68 lakh crore. The GST regime in India completed its five years recently. The government through the GST taxation system intended to bring in uniform taxes across the country, besides transparency, accountability, and a simpler registration process. GST was introduced on July 1, 2017, and all states were assured of compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. For providing compensation to states, cess is being levied on certain goods and the amount collected is being credited to Compensation Fund. Compensation to states is being paid out of the Compensation Fund with effect from July 1, 2017. At the latest GST Council meeting held in Chandigarh, several states sought an extension of the compensation at least for a few years, if not for five years. Any formal decision on it, if at all, is yet to be taken. Watch WION's live TV here: ×

India's GST collections rise 28% year-on-year to Rs 1.43 lakh crore in August

A plethora of food items, particularly pre-packaged items are expected to get costlier&nbsp;as the new Goods and Service Tax (GST) rates come into effect from today (Monday). Reportedly, after Union Finance Minister Nirmala Sitharaman chaired the 47th GST council meeting last month, it was unanimously decided to review the GST rates on different items. Have a look at what has become expensive and cheaper now:

What has become expensive?

According to reports, pre-packed food items will invite&nbsp;five per cent GST. Curd, lassi, buttermilk. paneer (cottage cheese), honey, dried makhana, wheat, labelled meat and&nbsp;jaggery amongst other food-items is set to get expensive after the latest revision. Meanwhile, tetra packs will invite 18 per cent GST.&nbsp;

Central Board of Direct Taxes has also cleared the definition of what constitutes a pre-packed food item. According to the directive issued, a pre-packaged commodity will be one that is packed,&nbsp;sealed or not-sealed in a package of whatever nature, in the absence of a customer. Essentially, a product that has a pre-determined quantity.&nbsp;

Stationery set to be expensive

Reportedly, your stationery is also expected to get expensive as printing, writing or drawing ink; knives with cutting blades, drawing and out marking out instruments, LED lamps will have 18 per cent GST slapped on them. A hike of six per cent from the last revision. Meanwhile, a 12 per cent GST will be imposed on maps and charts, including atlases.

Similarly, your bank stationery is also set to get a tad expensive as the council has levied 18 per cent GST, up 6 per cent from the prior arrangement, on the fee charged by banks for the issue of cheques.&nbsp;

Hotel rooms expensive

Those booking hotels earlier under Rs 1,000 per day will have to shell out more as the government has got rid of the tax exemption in the category and levied a 12 per cent GST on it.&nbsp;

Read more:&nbsp;<a href="https://www.wionews.com/business-economy/indian-finance-minister-hails-tax-payers-over-highest-ever-gst-collection-in-january-2022-449489">Indian finance minister hails tax-payers over highest-ever GST collection in January 2022</a>

What gets cheaper?

Your travel to the Northeastern states of India has become cheaper as the transport of passengers 'to and from' the region has been exempted from any GST.

Transport of goods and passengers via ropeway&nbsp;will get cheaper the GST council has slashed the rates of GST from 18 per cent to five&nbsp;per cent. Similarly, transportation by rail or a vessel of railway equipment and material has been exempted from any GST.&nbsp;

The application fee charged for entrance or for issuance of eligibility certificate for admission or issuance of migration certificate by universities is exempt from GST.

With an eye to increase the use of electric vehicles (EV) amongst the masses, the council has mandated that concessional GST of five per cent will be provided on EVs, whether or not fitted with a battery pack.

(With inputs from agencies)

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A plethora of food items, particularly pre-packaged items are expected to get costlier as the new Goods and Service Tax (GST) rates come into effect from today (Monday).

A plethora of food items, particularly pre-packaged items are expected to get costlier as the new Goods and Service Tax (GST) rates come into effect from today (Monday). Reportedly, after Union Finance Minister Nirmala Sitharaman chaired the 47th GST council meeting last month, it was unanimously decided to review the GST rates on different items. Have a look at what has become expensive and cheaper now: What has become expensive? According to reports, pre-packed food items will invite five per cent GST. Curd, lassi, buttermilk. paneer (cottage cheese), honey, dried makhana, wheat, labelled meat and jaggery amongst other food-items is set to get expensive after the latest revision. Meanwhile, tetra packs will invite 18 per cent GST. Central Board of Direct Taxes has also cleared the definition of what constitutes a pre-packed food item. According to the directive issued, a pre-packaged commodity will be one that is packed, sealed or not-sealed in a package of whatever nature, in the absence of a customer. Essentially, a product that has a pre-determined quantity. Stationery set to be expensive Reportedly, your stationery is also expected to get expensive as printing, writing or drawing ink; knives with cutting blades, drawing and out marking out instruments, LED lamps will have 18 per cent GST slapped on them. A hike of six per cent from the last revision. Meanwhile, a 12 per cent GST will be imposed on maps and charts, including atlases. Similarly, your bank stationery is also set to get a tad expensive as the council has levied 18 per cent GST, up 6 per cent from the prior arrangement, on the fee charged by banks for the issue of cheques. Hotel rooms expensive Those booking hotels earlier under Rs 1,000 per day will have to shell out more as the government has got rid of the tax exemption in the category and levied a 12 per cent GST on it. Read more: Indian finance minister hails tax-payers over highest-ever GST collection in January 2022 What gets cheaper? Your travel to the Northeastern states of India has become cheaper as the transport of passengers 'to and from' the region has been exempted from any GST. Transport of goods and passengers via ropeway will get cheaper the GST council has slashed the rates of GST from 18 per cent to five per cent. Similarly, transportation by rail or a vessel of railway equipment and material has been exempted from any GST. The application fee charged for entrance or for issuance of eligibility certificate for admission or issuance of migration certificate by universities is exempt from GST. With an eye to increase the use of electric vehicles (EV) amongst the masses, the council has mandated that concessional GST of five per cent will be provided on EVs, whether or not fitted with a battery pack. (With inputs from agencies) WATCH WION LIVE HERE:

India's new GST rates come into effect from today. Understand what gets expensive and cheaper

India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.4 trillion on rapid economic recovery.&nbsp;

With an aim to put the pandemic-ravaged economy on the path of development, India's finance minister introduced the Finance Bill 2022 in Parliament.&nbsp;

Important&nbsp;to note that January is the seventh straight month when the GST collection has crossed the Rs 1 trillion mark.&nbsp;

During her address of Budget 2022-2023, Sitharaman said there has been remarkable progress made in the GST regime, but still, a few challenges remain. "Gross GST collection in January at record Rs 1,40,986 crores; this has been possible due to rapid economic recovery," she said.&nbsp;

Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19).&nbsp;

The finance minister further said that the nation is in the midst of the Omicron wave but the speed of the vaccination campaign has helped greatly. She said, "I am confident that 'Sabka Prayaas' we'll continue with strong growth."

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India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.

India's Finance Minister Nirmala Sitharaman hailed the tax-payers of the country as she announced that Goods and Services Tax (GST) collections touched a record of Rs1.4 trillion on rapid economic recovery. With an aim to put the pandemic-ravaged economy on the path of development, India's finance minister introduced the Finance Bill 2022 in Parliament. Important to note that January is the seventh straight month when the GST collection has crossed the Rs 1 trillion mark. During her address of Budget 2022-2023, Sitharaman said there has been remarkable progress made in the GST regime, but still, a few challenges remain. "Gross GST collection in January at record Rs 1,40,986 crores; this has been possible due to rapid economic recovery," she said. Reflecting on the economy, Sitharaman said that India's growth is estimated to be at 9.2 per cent, the highest among all large economies as the nation is now in a strong position to withstand challenges, such as coronavirus (COVID-19). The finance minister further said that the nation is in the midst of the Omicron wave but the speed of the vaccination campaign has helped greatly. She said, "I am confident that 'Sabka Prayaas' we'll continue with strong growth." ×

Indian finance minister hails tax-payers over highest-ever GST collection in January 2022

India: January GST collection surpasses Rs 1 lakh crore

The Centre on Tuesday stated that the revenue collected towards Goods and Services Tax (GST) for the month of April 2018, surpassed the Rs 1 lakh crore mark.

As per the Ministry of Finance, the total gross GST revenue collected in the month of April stood at Rs.1,03,458 crore, consisting of Central GST (CGST) worth Rs.18,652 crore, State GST (SGST) of Rs.25,704 crore, Integrated GST (IGST) of Rs. 50,548 crore (including 21,246 crores collected on imports) and cess of Rs.8554 crore (including Rs.702 crore collected on imports).

Furthermore, the ministry noted that a total of 60.47 lakh GSTR 3B returns were filed for the month of March, as on April 30, as against 87.12 lakh, who are eligible to file returns for March, thus accounting for 69.5 per cent of the eligible proportion.

Meanwhile, out of 19.31 lakh composition dealers, the ministry said 11.47 lakh filed their quarterly return (GSTR 4) (59.40 per cent) and paid a total tax of Rs.579 crores, which is included in the aforementioned figure of total GST collected.

"The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance.However, it is usually noticed that in the last month of the financial year, people also try to pay arrears of some of the previous months.Therefore, this month`s revenue cannot be taken as a trend for the future"&nbsp;the ministry clarified.

The department further noted that the Central and State Governments earned a total revenue of Rs. 32,493 crore for CGST and Rs. 40,257 crore for the SGST respectively, after settlement in the month of April.

Last week, the Finance Ministry said Rs 7.19 lakh crore was mobilised from the GST during the period of August 2017 to March 2018.

This includes Rs 1.19 lakh crore of CGST, Rs&nbsp;1.72 lakh crore of SGST, Rs&nbsp;3.66 lakh crore of IGST, including Rs&nbsp;1.73 lakh crore on exports, and Rs&nbsp;62,021 crore of cess, including Rs&nbsp;5702 crore on imports.&nbsp;

As per the Ministry of Finance, the total gross GST revenue collected in the month of April stood at Rs.1,03,458 crore, consisting of Central GST (CGST) worth Rs.18,652 crore, State GST (SGST) of Rs.25,704 crore, Integrated GST (IGST) of Rs. 50,548 crore (including 21,246 crores collected on imports) and cess of Rs.8554 crore (including Rs.702 crore collected on imports)

The Centre on Tuesday stated that the revenue collected towards Goods and Services Tax (GST) for the month of April 2018, surpassed the Rs 1 lakh crore mark. As per the Ministry of Finance, the total gross GST revenue collected in the month of April stood at Rs.1,03,458 crore, consisting of Central GST (CGST) worth Rs.18,652 crore, State GST (SGST) of Rs.25,704 crore, Integrated GST (IGST) of Rs. 50,548 crore (including 21,246 crores collected on imports) and cess of Rs.8554 crore (including Rs.702 crore collected on imports). Furthermore, the ministry noted that a total of 60.47 lakh GSTR 3B returns were filed for the month of March, as on April 30, as against 87.12 lakh, who are eligible to file returns for March, thus accounting for 69.5 per cent of the eligible proportion. Meanwhile, out of 19.31 lakh composition dealers, the ministry said 11.47 lakh filed their quarterly return (GSTR 4) (59.40 per cent) and paid a total tax of Rs.579 crores, which is included in the aforementioned figure of total GST collected. "The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance.However, it is usually noticed that in the last month of the financial year, people also try to pay arrears of some of the previous months.Therefore, this month`s revenue cannot be taken as a trend for the future" the ministry clarified. The department further noted that the Central and State Governments earned a total revenue of Rs. 32,493 crore for CGST and Rs. 40,257 crore for the SGST respectively, after settlement in the month of April. Last week, the Finance Ministry said Rs 7.19 lakh crore was mobilised from the GST during the period of August 2017 to March 2018. This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, Rs 3.66 lakh crore of IGST, including Rs 1.73 lakh crore on exports, and Rs 62,021 crore of cess, including Rs 5702 crore on imports.

GST revenue collected for April exceeds Rs 1 lakh crore

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India's GST collections rise 28% year-on-year to Rs 1.43 lakh crore in August

India's new GST rates come into effect from today. Understand what gets expensive and cheaper

Indian finance minister hails tax-payers over highest-ever GST collection in January 2022

India: January GST collection surpasses Rs 1 lakh crore

GST revenue collected for April exceeds Rs 1 lakh crore