GST Collections Touched Rs 1.16 Lakh latest news headlines

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GST Collections Touched Rs 1.16 Lakh Crore In July 2021

GST collections for July 2021 were Rs 1.16 lakh crore

Goods and Services Tax (GST) collections for July 2021 were Rs 1.16 lakh crore, 33 per cent more than the corresponding period of last year.

According to figures released by Finance Ministry on Sunday, gross GST revenue collected in July 2021 are Rs 1,16,393 crore, out of which Central GST is Rs 22,197 crore, State GST is Rs 28,541 crore and Integrated GST is Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and cess of Rs 7,790 crore (including Rs 815 crore collected on import of goods).

GST collections in July 2020 had stood at Rs 87,422 crore, while sequentially they had stood at Rs 92,849 crore in June this year.

“GST collection, after posting above Rs 1 lakh crore mark for eight months in a row, dropped below Rs 1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021,” the finance ministry said in a statement.

During May 2021, when the country had been severely hit by the second wave of the Coronavirus pandemic, many states were under partial or complete lockdown.

“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 ministry said.

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Latest News Today – Net Direct Tax Collections Jump Over 91% To Rs 2.49 Lakh

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Net Direct Tax Collections Rise Over 91% To Rs 2.49 Lakh Crore So Far In 2021-22

Net Direct Tax collections for 2021-22 have grown at a robust pace despite COVID

Despite the worse condition due to COVID-19 which impacted economic growth, the net direct tax collection has doubled to over Rs 2.49 lakh crore so far this fiscal, mainly driven by personal income tax and advance tax mop up, Income Tax department sources told ANI.

The net direct tax collections between April 1 and July 3 stood at Rs 2.49 lakh crore, compared to Rs 1.29 lakh crore over the corresponding period of the preceding year, representing an increase of 91 per cent over the collections of the preceding year. Net Direct Tax collections for the financial year (FY) 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy.

The gross collection of Direct Taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs 2.86 lakh crore compared to Rs 1.94 lakh crore in the corresponding period of the preceding year. This includes Corporation Income Tax (CIT), Personal Income Tax (PIT), Security Transaction Tax (STT) and advanced tax. This amount is expected to increase as further information is received from banks.

Commenting on the direct tax collection trends Income Tax department sources said collection figures are encouraging and the department is cautiously optimistic to achieve the Budget target set by Union Finance Minister Nirmala Sitharaman. He added that transparent and fair taxation system gives us the confidence, apart from revival of the economic activity, despite the difficult times, that we will be able to achieve the current target. The target for current fiscal has been set at Rs 11.08 lakh crore.

Commenting on the direct tax collection, Neeru Ahuja, Partner, Deloitte India said, “These are clearly positive outcomes of an economy getting back on track. Business optimism and the many compliance tracking initiatives taken by the tax authorities.”

Earlier Central Board of Direct Taxes (CBDT) in a statement said Income Tax department has issued refunds of over Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1, 2021 to July 5, 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 cases and corporate tax refunds of Rs 26,642 crore have been issued in 1,03,088 cases.

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Latest News Today – Net Direct Tax Collections Of 2021-22 So Far Grow By

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Net Direct Tax Collections Of 2021-22 So Far Grow By 100%

Net direct tax collections till June of 2021-22 have shown growth

Net direct tax collections till June 15 during the current fiscal, i.e. 2021-22 stood at Rs 1,85,871 crore, which are an astounding 100 per cent more than Rs 92,762 crore which had been collected over the corresponding period of last year (2020-21).

According to figures released by the Ministry of Finance, the net direct tax collections include corporation tax at Rs 74,356 crore (net of refund) and personal income tax including security transaction tax (STT) at Rs 1,11,043 crore (net of refund).

The gross collection of direct taxes (before adjusting for refunds) for 2021-22 stands at Rs 2,16,602 crore compared to Rs 1,37,825 crore in the corresponding period of the preceding year. 

This includes corporation tax at Rs 96,923 crore and personal income tax including STT at Rs 1,19,197 crore.

The ministry informed that despite extremely challenging initial months of the new fiscal, the advance tax collections for the first quarter of the 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding financial year, showing a growth of approximately 146 per cent.

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Latest News Today – Direct Tax Collections Up 5% To Rs 9.45 Lakh Crore In

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Direct Tax Collections Up 5% To Rs 9.45 Lakh Crore In 2020-21, Exceeds Estimates

Advance tax collections for the financial year 2020-21 stood at Rs 4.95 lakh crore

The country’s direct tax collections for the financial year 2020-21 were at Rs 9.45 lakh crore, according to data released by the Ministry of Finance on Friday, April 9. ​​​​​​​During the fiscal ended March 2021, the provisional direct tax collections registered a growth of almost five per cent. The net direct tax collections represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore of direct taxes for fiscal 2020-21, showed the government data. The income tax department exceeded the revised estimates despite issuing substantial refunds during 2020-21 fiscal, according to the Central Board of Direct Taxes (CBDT).

The net direct tax collections include the corporation tax or CIT, which was at Rs 4.57 lakh crore, and the personal income tax or PIT, involving the security transaction tax or STT, which was at Rs 4.88 lakh crore.

According to the Finance Ministry, the advance tax collections for the financial year 2020-21 stood at Rs. 4.95 lakh crore, which registered a growth of almost 6.7 per cent, compared to the previous fiscal (2019-20). The advance tax collections in the preceding fiscal year stood at Rs 4.64 lakh crore.

The refund amounting to a total sum of Rs 2.61 lakh crore were issued in fiscal year 2020-21, registering a growth of almost 42.1 per cent, compared to refunds amounting to Rs 1.83 lakh crore in the previous fiscal (2019-20)

During the financial year 2020-21, the gross direct tax collection stood at Rs 12.06 lakh crore. After taking out the refunds of Rs 2.61 lakh crore, the net mop up stood at Rs 9.45 lakh crore. There was a 42 per cent growth in the issuance of refunds. 

The Finance Ministry noted that the net direct tax collections for fiscal 2020-21 have registered an upswing, despite the challenges faced by the economy due to the COVID-19 crisis.

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Latest News Today – GST Collections Hit Record High Of Rs 1.24 Lakh Crore In

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GST Collections Hit Record High Of Rs 1.24 Lakh Crore In March

Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement

Goods and Services Tax (GST) collections hit an all-time high of Rs 1,23,902 crore in March, data released by Finance Ministry showed. On a monthly basis GST collections rose by 9.5 per cent from Rs 1,13,143 crore in February. “GST revenues crossed above Rs 1 lakh crore-mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic,” Finance Ministry said in a press release.

The government settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as a regular settlement. In addition, Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.
 

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GST collection
Photo Credit: PIB

The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March’ 2021 is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST. Centre has also released a compensation of Rs 30,000 crore during the month of March 2021.

According to the Finance Ministry, the gross GST revenue collected in March 2021 stood at Rs 1,23,902 crore, of which central GST or CGST is Rs 22,973 crore and state GST or SGST is Rs 29,329 crore. Also, of the same amount, the integrated GST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods). 

The GST revenue during March 2021 is the highest since the introduction of the GST system by the government. In line with the trend of recovery in GST revenues over the past five months, the revenues for March 2021 are 27 per cent higher than the GST revenues in the corresponding month last year.

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Goods And Services Tax (GST) Collections Cross Rs 1 Lakh | Sidnaz Blog

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GST Collections Crossed Rs 1 Lakh Crore Mark For Fifth Month In A Row

Gross GST revenue collected February 2021 is Rs 1,13,143 crore

GST collections crossed the Rs 1 lakh crore-mark for the fifth month in a row in February, rising 7 per cent annually to over Rs 1.13 lakh crore, indicating economic recovery, the finance ministry said on Monday. Goods and Services Tax (GST) collections had risen for two straight months to touch record Rs 1,19,875 crore in January and Rs 1.15 lakh crore in December. The gross GST revenue collected February 2021 is Rs 1,13,143 crore, of which Central GST is Rs 21,092 crore, State GST is Rs 27,273 crore, Integrated GST is Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and Cess is Rs 9,525 crore (including Rs 660 crore collected on import of goods). GST revenue in February last year was Rs 1.05 lakh crore.

“In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year. “During the month, revenues from import of goods were 15 per cent higher and the revenues from the domestic transaction (including import of services) are 5 per cent higher than the revenues from these sources during the same month last year,” the ministry said in a statement.

GST revenues surpassed Rs 1 lakh crore-mark fifth time in a row and crossed Rs 1.1 lakh crore for the third consecutive month post-pandemic. This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance, the ministry 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. Meanwhile, the finance ministry has released Rs 1.04 lakh crore GST compensation to states since October to meet the shortfall in revenue.

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. In the April-June quarter, the economy contracted by the steepest ever 24.4 per cent, and 7.3 per cent in the September quarter. However, in October-December it came back in positive territory with 0.4 per cent growth. 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.

Icra Principal Economist Aditi Nayar said while the growth of GST collections eased mildly in February 2021, it remained healthy, in line with the consolidation in the momentum of economic activity observed across a variety of lead indicators. Subsequently, a favourable base effect is likely to result in the CGST collections expanding by 18-23 per cent in March 2021.

Deloitte India Senior Director M S Mani said, “In addition to the stabilisation of economic activities, the continuing trend of high GST collections for the past few months is also on account of the data analytics approach adopted by the authorities, which has led to significant detection of evasion and incorrect ITC availment. With the gradual opening up of the services sectors, economic activity is expected to pick up, leading to improved collections in the next month as well”.

Shardul Amarchand Mangaldas & Co Partner Rajat Bose said the various measures taken by the government to ensure compliance also seems to be paying off. “Hopefully, the worst is over and this should definitely bring a cheer to the government which desperately needs the fiscal resources to implement its policy commitments.”

PwC India Partner & Leader, Indirect Tax, Pratik Jain said: “It is expected that the trend of increasing GST collection would continue as we approach the financial year-end and audits become more rigorous. This should give much-needed confidence to the government to consider rate rationalisation”. 

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