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 – Government Releases Rs 75,000 Crore To States As GST

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Government Releases Rs 75,000 Crore To States As GST Compensation

Government has released Rs 75,000 crore to states as GST compensation

The Government on Thursday released an amount of Rs 75,000 crore as compensation to states for Goods and Services Tax (GST).

In a statement issued by the Finance Ministry, it was informed that the amount has been released under the back-to-back loan facility in lieu of GST compensation. This release is in addition to normal GST compensation being released every two months out of actual cess collection, it added further.

“Subsequent to the 43rd GST council meeting held on May 28, 2021, it was decided that the Central Government would borrow Rs 1.59 lakh crore and release it to states with legislature on a back-to-back basis to meet the resource gap due to the short release of compensation on account of inadequate amount in the compensation fund,” the statement said.

This amount is as per the principles adopted for a similar facility in 2020-21, where an amount of Rs 1.10 lakh crore was released to states under a similar arrangement, official sources said.

“For effective response and management of pandemic and a step-up in capital expenditure all states have a very important role to play. For assisting the states in their endeavour, the Ministry of Finance has frontloaded the release of assistance under the back-to-back loan facility during 2021-22 of Rs 75,000 crore (almost 50 per cent of the total shortfall for the entire year) released today in a single installment,” it said.

The balance amount will be released in the second half of 2021-22 in steady instalments.

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Goods and Services (GST) Council Should Consider | Sidnaz Blog

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GST Council Should Consider Rationalisation, Bring Petrol Under GST: Finance Minister

Centre and states should talk to lower fuel prices, said the Finance Minister

The Union Budget sets India in right direction where the government only facilitates businesses with minimum regulation, Union Finance Minister Nirmala Sitharaman said on Saturday. “If we need a welfare state where the poor are attended, where the government intervenes in health and educational sector, then the need for wealth creation also has to be duly recognised,” she said at a post- Budget discussion organised by Chennai Citizen Forum. “If avenues for earning tax are not widened, then governmental interventions in the health and education sector cannot be expanded,” said Sitharaman.

Sitharaman said the Union Budget not only targets the vision of a five trillion dollar economy by 2024 but also a robust private sector. “It is a wrong belief that one government can solve all problems of this country. The private sector and the government have to work together,” she said.

Sitharaman said the Goods and Services Tax (GST) Council should consider rationalisation of slabs. On rising fuel prices, she said it is a vexatious issue. “The Centre and states both generate revenue from petrol. We can think about bringing petroleum under the GST. Maybe it is a solution.”

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