Saturday, 06 Jul, 2024
The introduction and implementation of Goods and Service Tax marked was a turning point in India’s history of taxation. Image Source: IANS
Up until May 2024, the total gross GST collections for the FY 2024–25 was Rs 3.83 lakh crore.
In May 2024, the gross income generated by the Goods and Services Tax (GST) was Rs1.73 lakh crore. This is an increase of ten percent from the previous year, mostly due to a sharp rise in domestic transactions (15.3 percent) and a decrease in imports (4.3 percent). Refunds taken into consideration, the net GST revenue for May 2024 is Rs 1.44 lakh crore, up 6.9 percent over the same month the previous year.
The gross GST revenue collected in the month of May 2024 was Rs 1.73 lakh crore of which Central Goods and Service Tax (CGST) was Rs 32,40 crore, State Goods and Service Tax (SGST) was Rs 40,265 crore, Integrated Goods and Service Tax (IGST) was Rs 87,781 crore. (Including Rs 39,879 crore collected on import of goods) and cess is Rs 12,284 crore (including Rs 1,076 crore collected on import of goods).
Up until May 2024, the total gross GST collections for the FY 2024–25 was Rs 3.83 lakh crore. This is an outstanding 11.3 percent year-over-year gain, mostly due to a 14.2 percent increase in domestic transactions and a 1.4 percent rise in imports. Net GST revenue for the FY 2024–25 until May 2024, after refunds, is Rs 3.36 lakh crore, an increase of 11.6 percent over the same period the previous year.
The gross GST revenue collected from March to May 2024 was Rs 3.83 lakh crore of which Central Goods and Service Tax (CGST) was Rs 76,255 crore, State Goods and Service Tax (SGST) was Rs 93,804 crore, Integrated Goods and Service Tax (IGST) was Rs 1,87,404 crore. (Including Rs 77,706 crore collected on import of goods) and cess is Rs 25,544 crore (including Rs 2,084 crore collected on import of goods).
Source: Ministry of Finance
The introduction and implementation of Goods and Service Tax marked was a turning point in India’s history of taxation. In a diverse and federal nation like India, where many tax laws were unified into a single system, the adoption of this complete system was especially noteworthy. Gross GST collection from April to March 2023-24 increased by an impressive 13 percent year over year to Rs 18.40 lakh crore. For FY 2023–2024, the average monthly gross collection is Rs 1.68 lakh crore, which is more than the Rs 1.5 lakh crore received in the equivalent period of the previous year.
The GST is a value-added tax applied on the majority of goods and services sold for domestic consumption. Consumers pay the GST, but businesses that provide products and services remit it to the government. GST is levied on the 'supply' of goods or services, as opposed to the prior concept of levy on the manufacture of things, the sale of goods, or the provision of services. The rates of CGST, SGST, and IGST are mutually agreed upon by the Centre and the States. The rates are announced based on the GST Council's suggestion. In May 2015, the GST (122nd Constitutional Amendment) Bill, 2014 was enacted. It was enacted as the Constitution (101st Amendment) Act, 2016, and went into force on September 16, 2016. The GST was implemented on July 1, 2017.
The highest ever GST collection was recorded in April 2024 at Rs 2,10,267 crore. The GST revenue collection was lowest in June 2021 at Rs. 92,800 crore.
