GST revenue collection in October 2019 stood at Rs 95,380 crore, Ministry of Finance data released on Friday showed.&nbsp;

Notably, GST collection increased by 3.76 per cent in comparison to September 2019, when it was Rs 91,916 crore.

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 95,380 crore in October, 5.29 per cent lower in the year-ago period, the Central government said on Friday.&nbsp;

Of this amount, the Central GST was Rs 17,582 crore, State GST Rs 23,674 crore and Integrated GST Rs 46,517 crore (including Rs 21,446 crore collected on imports) and cess Rs 7,607 crore (including Rs 774 crore collected on imports).&nbsp;

This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark. The total number of GSTR 3B Returns filed for September up to October 31 is 73.83 lakh, according to a statement issued by the Ministry of Finance.&nbsp;

The government settled Rs 20,642 crore to CGST and Rs 13,971 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and the state governments after regular settlement in October is Rs 38,224 crore for CGST and Rs 37,645 crore for the SGST.&nbsp;

During April to October vis-a-vis 2018, the domestic component has shown 6.74 per cent growth while the GST on imports has shown negative growth and the total collection has grown by 3.38 per cent, the statement said.

GST revenue collection in October 2019 stood at Rs 95,380 crore, Ministry of Finance data released on Friday showed. Notably, GST collection increased by 3.76 per cent in comparison to September 2019, when it was Rs 91,916 crore.

GST revenue collection in October 2019 stood at Rs 95,380 crore, Ministry of Finance data released on Friday showed. Notably, GST collection increased by 3.76 per cent in comparison to September 2019, when it was Rs 91,916 crore. Gross revenue on account of Goods and Services Tax (GST) totalled Rs 95,380 crore in October, 5.29 per cent lower in the year-ago period, the Central government said on Friday. Of this amount, the Central GST was Rs 17,582 crore, State GST Rs 23,674 crore and Integrated GST Rs 46,517 crore (including Rs 21,446 crore collected on imports) and cess Rs 7,607 crore (including Rs 774 crore collected on imports). This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark. The total number of GSTR 3B Returns filed for September up to October 31 is 73.83 lakh, according to a statement issued by the Ministry of Finance. The government settled Rs 20,642 crore to CGST and Rs 13,971 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and the state governments after regular settlement in October is Rs 38,224 crore for CGST and Rs 37,645 crore for the SGST. During April to October vis-a-vis 2018, the domestic component has shown 6.74 per cent growth while the GST on imports has shown negative growth and the total collection has grown by 3.38 per cent, the statement said.

Rs 95,380 crore gross GST revenue collected in October

The government on Thursday set up a high-level committee of officers to look into Goods and Services Tax (GST) revenue shortfall being faced by states and suggest measures for increasing collections.

It will submit its first report within 15 days.

&nbsp;"The committee of officers from the Centre and the states is required to suggest steps to be taken to improve revenue," according to an official statement released by the GST Council Secretariat.

The 12-member panel -- with commissioners from state GST council of Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal and Punjab -- has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of GST.

"Any other states which would like to join the committee may volunteer by writing to the GST Council Secretariat," the GST Council stated.&nbsp;

The committee has been tasked with suggesting measures to boost GST collections, to make businesses comply with GST voluntarily and suggest ways for better administrative coordination.

It will look into issues such as systematic changes in GST to prevent misuse, measures for expansion of tax base, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination.

The committee will also suggest measures to improve voluntary compliance, policy measures and relevant changes in the law.&nbsp;

The government on Thursday set up a high-level committee of officers to look into Goods and Services Tax (GST) revenue shortfall being faced by states and suggest measures for increasing collections.

The government on Thursday set up a high-level committee of officers to look into Goods and Services Tax (GST) revenue shortfall being faced by states and suggest measures for increasing collections. It will submit its first report within 15 days. "The committee of officers from the Centre and the states is required to suggest steps to be taken to improve revenue," according to an official statement released by the GST Council Secretariat. The 12-member panel -- with commissioners from state GST council of Maharashtra, Tamil Nadu, Uttar Pradesh, West Bengal and Punjab -- has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of GST. "Any other states which would like to join the committee may volunteer by writing to the GST Council Secretariat," the GST Council stated. The committee has been tasked with suggesting measures to boost GST collections, to make businesses comply with GST voluntarily and suggest ways for better administrative coordination. It will look into issues such as systematic changes in GST to prevent misuse, measures for expansion of tax base, improved compliance monitoring and anti-evasion measures using better data analytics and better administrative coordination. The committee will also suggest measures to improve voluntary compliance, policy measures and relevant changes in the law.

Government sets up 12-member panel to look into GST revenue shortfall

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 99,939 crore in June, up 4.52 per cent from Rs 95,610 crore in the corresponding period of last year, the Central government said on Monday.

Of the GST collection in June, the central GST was Rs 18,366 crore, state GST Rs 25,343 crore, integrated GST Rs 47,772 crore (including Rs 21,980 crore collected on imports) and cess Rs 8,457 crore (including Rs 876 crore collected on imports).

The total number of GSTR 3B returns filed for May up to June 30 was 74.38 lakh.

The government settled Rs 18,169 crore to CGST and Rs 13,613 crore to SGST from IGST as regular settlement.

The total revenue earned by the Centre and state governments after regular settlement in June is Rs 36,535 crore for CGST and Rs 38,956 crore for the SGST.

The revenue in June 2019 is 1.86 per cent higher than the monthly average of GST revenue in FY 2018-19 which was Rs 98,114 crore, according to an official statement.&nbsp;

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 99,939 crore in June, up 4.52 per cent from Rs 95,610 crore in the corresponding period of last year, the Central government said on Monday.

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 99,939 crore in June, up 4.52 per cent from Rs 95,610 crore in the corresponding period of last year, the Central government said on Monday. Of the GST collection in June, the central GST was Rs 18,366 crore, state GST Rs 25,343 crore, integrated GST Rs 47,772 crore (including Rs 21,980 crore collected on imports) and cess Rs 8,457 crore (including Rs 876 crore collected on imports). The total number of GSTR 3B returns filed for May up to June 30 was 74.38 lakh. The government settled Rs 18,169 crore to CGST and Rs 13,613 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and state governments after regular settlement in June is Rs 36,535 crore for CGST and Rs 38,956 crore for the SGST. The revenue in June 2019 is 1.86 per cent higher than the monthly average of GST revenue in FY 2018-19 which was Rs 98,114 crore, according to an official statement.

GST revenue collections for June total Rs 99,939 crore

Revenues from the Goods and Services Tax could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said on Tuesday.

Once the GST return filing process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and matching the database of people filing GST with Income Tax returns filed, they said.

The government has budgeted about Rs 7.44 lakh crore from GST in the 2018-19 fiscal beginning April 1. The estimated collection for 8 months (July-February) of the current fiscal is Rs 4.44 lakh crore. The March collection will take place in April, the start of new financial year, 2018-19.

Officials said the revenue estimates for next fiscal are conservative and could go up depending on enforcement actions taken by the government.

Collections under the GST, implemented from July 1 last year, were over Rs 95,000 crore for the first month, while in August the figure was just over Rs&nbsp; 91,000 crore. In September, it was over Rs 92,150 crore, October (Rs 83,000 crore), November (Rs 80,808 crore) and December (Rs 86,703 crore).

As of December 2017, 98 lakh businesses were registered under the GST regime.

&quot;We will soon start matching of the turnover shown in GST returns with the income returns filed with the I-T department. It could begin by second half of next financial year,&quot; a senior finance ministry official said.

&quot;Once these measures are put in place, there is no reason why GST revenues would not average Rs 1 lakh crore every month,&quot; he added. 
Another official said that the focus of the department will also be on plugging the gaps in the gold and jewellery industry.

&quot;Gold imports have been rising every month despite a 10 per cent customs duty. But where is this imported gold channelled to? With GST in place, the revenue authorities now have the power to seek details about end supplies,&quot; the official said.

Import of gold attracts a 10 per cent basic customs duty. On top of that, a 12.5 per cent countervailing duty (CVD) was levied prior to GST. Since GST subsumed CVD, the GST rate on gold at 3 per cent has to be paid at the time of imports in the form of Integrated GST with effect from July 1.

India is the world&#39;s second biggest gold consumer after China. The import mainly takes care of the demand of the jewellery industry. 
The official said that once the system stabilises, the intelligence agencies within the revenue department could better monitor end usage of the imported gold.

&quot;DGARM would be utilised to provide intelligence inputs and do big data analytics for taxmen for better policy formulation and taking action against tax evaders,&quot; he said.

Set up under the Central Board of Excise and Customs (CBEC), DGARM will use internal and external sources for detailed data mining and risk management.

As per data on GST returns filed by companies opting for composition scheme, as many as 5 lakh firms reported such a turnover which works out to annual sales of Rs 5 lakh only.

Out of 10 lakh businesses that opted for the composition scheme during the July-September period, about 7 lakh have filed GST returns for the quarter. 
Businesses with a turnover of up to Rs 20 lakh are exempt from the GST regime.

The official further said that currently, there is little tracking of goods movement from one state to another and the e-way bill would act as a tool to check tax evasion as then movement of stock and its end use would be monitored.

E-way or electronic way bill is for the movement of goods and can be generated on the GSTN (common portal). Movement of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill.

GST collections added up to Rs 80,808 crore in November and Rs Rs 86,703 crore in December

Revenues from the Goods and Services Tax could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said on Tuesday. Once the GST return filing process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and matching the database of people filing GST with Income Tax returns filed, they said. The government has budgeted about Rs 7.44 lakh crore from GST in the 2018-19 fiscal beginning April 1. The estimated collection for 8 months (July-February) of the current fiscal is Rs 4.44 lakh crore. The March collection will take place in April, the start of new financial year, 2018-19. Officials said the revenue estimates for next fiscal are conservative and could go up depending on enforcement actions taken by the government. Collections under the GST, implemented from July 1 last year, were over Rs 95,000 crore for the first month, while in August the figure was just over Rs 91,000 crore. In September, it was over Rs 92,150 crore, October (Rs 83,000 crore), November (Rs 80,808 crore) and December (Rs 86,703 crore). As of December 2017, 98 lakh businesses were registered under the GST regime. "We will soon start matching of the turnover shown in GST returns with the income returns filed with the I-T department. It could begin by second half of next financial year," a senior finance ministry official said. "Once these measures are put in place, there is no reason why GST revenues would not average Rs 1 lakh crore every month," he added. Another official said that the focus of the department will also be on plugging the gaps in the gold and jewellery industry. "Gold imports have been rising every month despite a 10 per cent customs duty. But where is this imported gold channelled to? With GST in place, the revenue authorities now have the power to seek details about end supplies," the official said. Import of gold attracts a 10 per cent basic customs duty. On top of that, a 12.5 per cent countervailing duty (CVD) was levied prior to GST. Since GST subsumed CVD, the GST rate on gold at 3 per cent has to be paid at the time of imports in the form of Integrated GST with effect from July 1. India is the world's second biggest gold consumer after China. The import mainly takes care of the demand of the jewellery industry. The official said that once the system stabilises, the intelligence agencies within the revenue department could better monitor end usage of the imported gold. "DGARM would be utilised to provide intelligence inputs and do big data analytics for taxmen for better policy formulation and taking action against tax evaders," he said. Set up under the Central Board of Excise and Customs (CBEC), DGARM will use internal and external sources for detailed data mining and risk management. As per data on GST returns filed by companies opting for composition scheme, as many as 5 lakh firms reported such a turnover which works out to annual sales of Rs 5 lakh only. Out of 10 lakh businesses that opted for the composition scheme during the July-September period, about 7 lakh have filed GST returns for the quarter. Businesses with a turnover of up to Rs 20 lakh are exempt from the GST regime. The official further said that currently, there is little tracking of goods movement from one state to another and the e-way bill would act as a tool to check tax evasion as then movement of stock and its end use would be monitored. E-way or electronic way bill is for the movement of goods and can be generated on the GSTN (common portal). Movement of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill.

Revenue from GST will top Rs 1 lakh crore a month after anti-evasion measures: Finance Ministry officials

gst-revenue

Gst Revenue, News on Gst Revenue, stories on Gst Revenue, articles on Gst Revenue, Gst Revenue stories at Wion, Gst Revenue news, Gst Revenue latest news

gst revenue

Rs 95,380 crore gross GST revenue collected in October

Government sets up 12-member panel to look into GST revenue shortfall

GST revenue collections for June total Rs 99,939 crore

Revenue from GST will top Rs 1 lakh crore a month after anti-evasion measures: Finance Ministry officials