 This reform aims to simplify the tax structure and reduce prices on essential goods. Here are seven key items that will become more affordable

PM Modi Speech: List of 7 things that will get cheaper under GST 2.0

India's gross GST revenue collection has surpassed Rs 1.40 lakh crore for seven months in a row with over Rs 1.47 lakh crore gross GST revenue being collected in the month of September.&nbsp;

The gross GST revenue collected in the month of September 2022 is Rs 1,47,686 crore, of which Central GST is Rs 25,271 crore, State GST is Rs 31,813 crore, Integrated GST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods), the Union finance ministry of India said in a statement.&nbsp;

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👉 ₹1,47,686 crore gross GST revenue collected in September 2022 
 
👉 Monthly GST revenues more than ₹1.4 lakh crore for seven months in a row 
 
👉 Revenues for the month of Sept. 2022 26% higher than the GST revenues in the same month in 2021 
 
➡️ <a href="https://t.co/CVL2CCYJtI">https://t.co/CVL2CCYJtI</a> 
(1/2) <a href="https://t.co/xEitIasRmC">pic.twitter.com/xEitIasRmC</a>
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1576115744752177153?ref_src=twsrc%5Etfw">October 1, 2022</a></blockquote>
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In another milestone, over 1.1 crore e-way bills and e-invoices, combined (72.94 lakh e-invoices and 37.74 lakh e-way bills), were generated without any glitch on the GST Portal portal run by the National Informatics Centre (NIC) on 30th September 2022.&nbsp;

The government settled Rs 31,880 crore to CGST and Rs 27,403 crore to SGST from IGST as regular settlement. "The total revenue of Centre and the States after regular settlements in the month of September 2022 is Rs 57,151 crore for CGST and Rs 59,216 crore for the SGST," it highlighted.&nbsp;

The revenue generated in GST till September 2022 is 26 per cent higher as compared to the same period last year. During the month of August 2022, 7.7 crore e-way bills were generated, which was marginally higher than 7.5 crore in July 2022.&nbsp;

(With inputs from agencies)

&nbsp;

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India's gross GST revenue collection has surpassed Rs 1.40 lakh crore for seven months in a row with over Rs 1.47 lakh crore gross GST revenue being collected in the month of September.

India's gross GST revenue collection has surpassed Rs 1.40 lakh crore for seven months in a row with over Rs 1.47 lakh crore gross GST revenue being collected in the month of September. The gross GST revenue collected in the month of September 2022 is Rs 1,47,686 crore, of which Central GST is Rs 25,271 crore, State GST is Rs 31,813 crore, Integrated GST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods), the Union finance ministry of India said in a statement. 👉 ₹1,47,686 crore gross GST revenue collected in September 2022 👉 Monthly GST revenues more than ₹1.4 lakh crore for seven months in a row 👉 Revenues for the month of Sept. 2022 26% higher than the GST revenues in the same month in 2021 ➡️ https://t.co/CVL2CCYJtI (1/2) pic.twitter.com/xEitIasRmC — Ministry of Finance (@FinMinIndia) October 1, 2022 × In another milestone, over 1.1 crore e-way bills and e-invoices, combined (72.94 lakh e-invoices and 37.74 lakh e-way bills), were generated without any glitch on the GST Portal portal run by the National Informatics Centre (NIC) on 30th September 2022. The government settled Rs 31,880 crore to CGST and Rs 27,403 crore to SGST from IGST as regular settlement. "The total revenue of Centre and the States after regular settlements in the month of September 2022 is Rs 57,151 crore for CGST and Rs 59,216 crore for the SGST," it highlighted. The revenue generated in GST till September 2022 is 26 per cent higher as compared to the same period last year. During the month of August 2022, 7.7 crore e-way bills were generated, which was marginally higher than 7.5 crore in July 2022. (With inputs from agencies)

GST collections up in September, cross Rs 1.40 lakh crore mark for seventh straight month

GST collections surged to an all-time high of over Rs 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions.

Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking rendered, in December was 12 per cent higher than such receipts in the same month of 2019.

At Rs 1,15,174 crore, the collections were 10 per cent more than the mop-up in the previous month -- the biggest growth in monthly revenues in the last 21 months.

In a statement, the finance ministry said the December collections were the highest ever since the implementation of the nationwide tax in July 2017.

The previous best was in April 2019 when Rs 113,866 crore was collected.

This is the third straight month of over Rs 1 lakh crore tax collections and the fourth consecutive month this fiscal when GST collections have outperformed comparable months from 2019, a sign of strong recovery.

The increase in tax collections was due to the "combined effect of the rapid economic recovery post-pandemic and the nationwide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance," the statement said.

GST collections, which directly reflect the state of economic activity, had plummeted to a record low of Rs 32,172 crore in April 2020, after the government imposed a nationwide lockdown to curb the spread of coronavirus.

The lockdown, categorised by several agencies as one of the strictest in the world, pummelled the economy as demand dried up and non-essential businesses were shuttered.

That quarter, the economy contracted by the steepest ever 23.9 per cent.

As restrictions were gradually lifted, many parts of the economy were able to spring back into action although output remains well below the pre-pandemic levels.

Commenting on the GST numbers, Shardul Amarchand Mangaldas &amp; Co partner Rajat Bose said the government should provide a breakup of the GST collected through the filing of returns and the tax collected through recovery drives to give a true picture of the extent of economic recovery.

His colleague Atul Gupta said the recent changes introduced and effectively implemented in GST technology platform like e-invoicing and of matching of supplier invoices along with strict enforcement by revenue authorities in checking fraudulent invoices, has induced an enhanced degree of reporting compliance.

"GST revenue is likely to further grow in the remaining quarter of this financial year and hopefully ease the pressure on the fiscal front in this year of unprecedented economic de-growth," he said.

In the statement, the finance ministry said 87 lakh GSTR-3B returns were filed for the month of November till Thursday.

During December 2020, revenues from the import of goods were 27 per cent higher and revenues from domestic transactions (including import of services) were 8 per cent higher than the receipts from these sources during the same month of 2019.

The Central GST mop-up stood at Rs 21,365 crore, State GST Rs 27,804 crore, Integrated GST Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess was Rs 8,579 crore (including Rs 971 crore collected on import of goods).

The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement. The total revenue earned by the central government and the state governments after regular settlement in the month of December was Rs 44,641 crore for CGST and Rs 45,485 crore for SGST.

"With major states reporting an increase ranging from 6 to 15 per cent in their GST collections, compared to the same period last year, it is expected that some of the reductions in collections seen in the earlier part of the current fiscal, would be made up by the improving collections in the past three months," Deloitte India Senior Director M S Mani said.

CII Director General Chandrajit Banerjee said GST revenue growth shows that industry is bouncing back to normalcy.

"The increase in the revenue from import of goods indicates that Indian economy is on the fast track of growth now after a long dip due to COVID lockdown," he added.

GST revenues have topped Rs 1 lakh crore in eight out of 12 months of 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the COVID-19 pandemic.

Revenue in April was Rs 32,172 crore, followed by May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore), September (Rs 95,480 crore), October (Rs 1,05,155 crore), November (Rs 1,04,963 crore) and December (Rs 1,15,174 crore).

The GST revenue in April-December 2020 was down 14 per cent compared to the same period of the previous year.

The average growth in GST revenues during the October-December quarter has been 7.3 per cent as compared to negative 8.2 per cent during the July-September quarter.

EY Tax Partner Abhishek Jain said the GST collections touching a record high despite that we are not completely out of the pandemic indicates a remarkable recovery in the economy.

"Some of it could also be due to the plugging of revenue leakage by the government on account of fake credits through fraudulent invoicing and introduction of e-invoicing," he said.

 
&nbsp;

GST collections surged to an all-time high of over Rs 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions.

GST collections surged to an all-time high of over Rs 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions. Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking rendered, in December was 12 per cent higher than such receipts in the same month of 2019. At Rs 1,15,174 crore, the collections were 10 per cent more than the mop-up in the previous month -- the biggest growth in monthly revenues in the last 21 months. In a statement, the finance ministry said the December collections were the highest ever since the implementation of the nationwide tax in July 2017. The previous best was in April 2019 when Rs 113,866 crore was collected. This is the third straight month of over Rs 1 lakh crore tax collections and the fourth consecutive month this fiscal when GST collections have outperformed comparable months from 2019, a sign of strong recovery. The increase in tax collections was due to the "combined effect of the rapid economic recovery post-pandemic and the nationwide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance," the statement said. GST collections, which directly reflect the state of economic activity, had plummeted to a record low of Rs 32,172 crore in April 2020, after the government imposed a nationwide lockdown to curb the spread of coronavirus. The lockdown, categorised by several agencies as one of the strictest in the world, pummelled the economy as demand dried up and non-essential businesses were shuttered. That quarter, the economy contracted by the steepest ever 23.9 per cent. As restrictions were gradually lifted, many parts of the economy were able to spring back into action although output remains well below the pre-pandemic levels. Commenting on the GST numbers, Shardul Amarchand Mangaldas & Co partner Rajat Bose said the government should provide a breakup of the GST collected through the filing of returns and the tax collected through recovery drives to give a true picture of the extent of economic recovery. His colleague Atul Gupta said the recent changes introduced and effectively implemented in GST technology platform like e-invoicing and of matching of supplier invoices along with strict enforcement by revenue authorities in checking fraudulent invoices, has induced an enhanced degree of reporting compliance. "GST revenue is likely to further grow in the remaining quarter of this financial year and hopefully ease the pressure on the fiscal front in this year of unprecedented economic de-growth," he said. In the statement, the finance ministry said 87 lakh GSTR-3B returns were filed for the month of November till Thursday. During December 2020, revenues from the import of goods were 27 per cent higher and revenues from domestic transactions (including import of services) were 8 per cent higher than the receipts from these sources during the same month of 2019. The Central GST mop-up stood at Rs 21,365 crore, State GST Rs 27,804 crore, Integrated GST Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess was Rs 8,579 crore (including Rs 971 crore collected on import of goods). The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement. The total revenue earned by the central government and the state governments after regular settlement in the month of December was Rs 44,641 crore for CGST and Rs 45,485 crore for SGST. "With major states reporting an increase ranging from 6 to 15 per cent in their GST collections, compared to the same period last year, it is expected that some of the reductions in collections seen in the earlier part of the current fiscal, would be made up by the improving collections in the past three months," Deloitte India Senior Director M S Mani said. CII Director General Chandrajit Banerjee said GST revenue growth shows that industry is bouncing back to normalcy. "The increase in the revenue from import of goods indicates that Indian economy is on the fast track of growth now after a long dip due to COVID lockdown," he added. GST revenues have topped Rs 1 lakh crore in eight out of 12 months of 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the COVID-19 pandemic. Revenue in April was Rs 32,172 crore, followed by May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore), September (Rs 95,480 crore), October (Rs 1,05,155 crore), November (Rs 1,04,963 crore) and December (Rs 1,15,174 crore). The GST revenue in April-December 2020 was down 14 per cent compared to the same period of the previous year. The average growth in GST revenues during the October-December quarter has been 7.3 per cent as compared to negative 8.2 per cent during the July-September quarter. EY Tax Partner Abhishek Jain said the GST collections touching a record high despite that we are not completely out of the pandemic indicates a remarkable recovery in the economy. "Some of it could also be due to the plugging of revenue leakage by the government on account of fake credits through fraudulent invoicing and introduction of e-invoicing," he said.

GST collection at record-high in December 2020

The chief executive officer (CEO) of Mercedes-Benz India, Roland Folger, has criticised the decision of the GST Council to hike cess on luxury vehicles.

He said the move will hurt the growth of the luxury car segment in the country.

&quot;We are highly disappointed with the decision. We believe this will be a strong deterrent to the growth of luxury cars in this country. As a leading luxury car maker, this will also affect our future plans of expansion under &#39;Make in India&#39; initiative, which aims at making and selling world-class products in India, with the latest technology for end consumers,&quot; Folger said.

He also said that the hike in cess will impact the volumes.

The head of the luxury car maker said that &quot;by making better technology expensive the government is causing more damage to the environment and slowing down the overall growth pace of the country&#39;s economic growth&quot;.

The <a href="http://www.wionews.com/business-economy/suvs-luxury-cars-to-cost-more-as-gst-council-approves-hike-in-cess-18666" target="_blank">GST Council has approved a proposal to hike cess</a> on SUVs and luxury cars to 25 per cent from the 15 per cent now.

he was reacting to news of hike in cess recommended by the GST Council on luxury vehicles

The chief executive officer (CEO) of Mercedes-Benz India, Roland Folger, has criticised the decision of the GST Council to hike cess on luxury vehicles. He said the move will hurt the growth of the luxury car segment in the country. "We are highly disappointed with the decision. We believe this will be a strong deterrent to the growth of luxury cars in this country. As a leading luxury car maker, this will also affect our future plans of expansion under 'Make in India' initiative, which aims at making and selling world-class products in India, with the latest technology for end consumers," Folger said. He also said that the hike in cess will impact the volumes. The head of the luxury car maker said that "by making better technology expensive the government is causing more damage to the environment and slowing down the overall growth pace of the country's economic growth". The GST Council has approved a proposal to hike cess on SUVs and luxury cars to 25 per cent from the 15 per cent now.

Hike in cess will hurt growth of luxury car segment: Mercedes-Benz CEO

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PM Modi Speech: List of 7 things that will get cheaper under GST 2.0

GST collections up in September, cross Rs 1.40 lakh crore mark for seventh straight month

GST collection at record-high in December 2020

Hike in cess will hurt growth of luxury car segment: Mercedes-Benz CEO