The country has for sure achieved striking accomplishment in the initial year of the GST regime.
By and by it has been demonstrated that the Goods and Service Tax arrangement has empowered our legislature to accomplish the ideal dimension of fiscal combination.
The gross all out GST revenue collection has come to above ₹94.7 crores in the long stretch of December 2018.
This is surely a bit of incredible news for every one of the taxpayers having GST registration after the administration presented immense decreases in GST rates on different goods and services in the 31st GST board meeting.
#1. What amount is the all out GST revenue collection in December 2018?
The all out GST revenue collection for the long stretch of December 2018 is ₹94,726 crores. Out of this sum,
- The portion under CGST = ₹16,442 crore,
- The portion under SGST = ₹22,459 crore,
- The portion under IGST = ₹47,936 crore, and
- Cess of ₹7,888 crore (counting ₹838 crores collected on imports).
- The sum under IGST likewise incorporates a segment of GST collection from imports, which adds up to ₹23,635 crores.
#2. What amount has the GST consistence improved?
- There is no uncertainty that as of late, the dimension of GST consistence and the tax lightness has risen fundamentally. Indeed, even those tax assessees who have GST registration under the composition scheme have appropriately paid GST and have satisfied the quarterly GST return filing method.
- Actually, the absolute number of GSTR-3B Returns petitioned for the long stretch of November till 31st December 2018 has been 72.44 lakhs.
- Given underneath is the graph demonstrating the examination in GST revenue amid the current fiscal Year.
- Here, we additionally observe that the GST revenue has twice hit the trillion stamp in the long stretches of April and October 2018 separately.
#3. In what manner will the administration use this revenue?
- The legislature has uncovered how it will assign this GST revenue collection for different purposes.
- It has settled ₹18,409 crore to CGST and
- ₹14,793 crore to SGST from IGST as a customary settlement.
- Besides, ₹18,000 crore has been settled from the parity of IGST that will be accessible with the Center on a provisional premise in the 50:50 extent between Center and States.
- Hence, the all out revenue earned by Central and State Governments in the long stretch of December 2018, after the standard settlement is ₹43,851 crore as CGST and ₹46,252 crore as SGST.
#4. When did GST collections rise before?
- Earlier, the Goods and Services Tax (GST) collections for October have crossed ₹ 1lakh crores following a wide gap of 5 months. This was 6.64% higher when compared to September’s collection of ₹ 94,442 crores.
- The Finance Minister Arun Jaitley at that time had credited the higher collection to bringing down of GST rates, controlling and bringing down cases of tax fraud and increasing of compliance rate by the taxpayers having GST Registration.
- The aggregate or gross GST revenue that has been gathered in October was amounted to
- ₹1,00,710 crores. Out of this,
- the CGST (Central GST) portion was ₹ 16,464 crore,
- ₹ 22,826 crore was the SGST share.
- The GST authority had collected total ₹ 53,419 crore (counting ₹ 26,908 crore gathered on imports) as the Integrated GST.
It is hoped that the increased compliance rate and simplifying of the rules and regulations of GST registration and tax reduction are sure to further shoot up the GST tax collection in the near future.