GST Collections

Why is it in the news?
  • According to an official data released, GST collections for March have hit a record high of over Rs 06 lakh-crore.
  • GST collections had previously crossed the Rs 1 lakh crore mark in April, October, and January this fiscal.
More in the news
  • According to a Finance Ministry statement, GST revenue in March 2019 grew 15.6 per cent year-on-year(YoY).
  • The revenue for the March 2019 quarter was 14.3 per cent higher YoY.
  • The monthly average of GST revenue during FY19 was ₹98,114 crore, 9.2 per cent higher than FY18.
  • Major reasons for the growth could be:
  1. Reconciliations by businesses of outward and inward supplies.
  2. Intelligent data analytics-related tax leakage detections and
  3. Consequent GST payment by businesses.
  • During the past 10 years, absolute volume of central tax collections increased by 3%.
  • The share of direct tax collections declined by 3%, which has been compensated by the raise in indirect taxes.
Source
The Hindu.
Posted by Jawwad Kazi on 2nd Apr 2019
<< Previous Next >>