Modi government looks 'happy' from July GST collection!
Thursday - August 2, 2018 11:07 am ,
Category : WTN SPECIAL
Eyes on GST collection of August month
AUG 02 (WTN) - After getting introduced the GST in India, is has been continuously questioning. Sometimes at the rates of the GST, and sometimes about the process which is alleged to be complex. One year of GST has been completed in India. In this case, if one says so then the Indian people have become friendly with GST in the country, not only that, but the increasing in GST collection is also seen.
GST collection in July has brought 'good news' for the Modi government. According to the information, the collection of GST has increased in July compared to June. Under the GST, tax collection, in the month of July, has been increased to Rs 96,483 crore, while in the month of June, GST collection was Rs 95,610 crore. Earlier, in the month of May, the GST collection was Rs 94,016 crore. In the month of April, the GST collection reached Rs 1.03 lakh crore.
According to the information received from the Finance Ministry, in the month of July, total 66 lakh sales return GSTR 3B applications were filed, while in the month of June 64.69 lakh GSTR 3B were filed.
According to the information received from the media, the total GST revenue receipts in the month of July were Rs 96,483 crore. In the total receipt of GST, Rs 15,877 crore from Central GST, Rs 22,293 crore from state GST, Rs 49,951 crore from unified GST and Rs 8,362 crore from cess. It is being said that the revenue receipts are almost as expected.
According to the Finance Ministry, for the period April to May 2018, the revenues of Rs 3,899 crore have been released to the states as compensation. For your information, let you know that GST Council had reduced GST rates on 88 items in its meeting held few days ago. The impact of this deduction is not included in the July GST collection figures. The next meeting of the GST Council will now be on August 4.
GST Council has announced the reduction in GST rate on many items including washing machines, mixer grinders, fridges, shoes up to Rs 1,000, color granulation and sanitary napkins. This rate of reduction has come into effect from 27 July. So the impact of the GST reduction on all these items has not yet been seen in July GST acquisition data.
It is believed that the GST collection of the month of August is likely to come down. The reason for this can be the decrease in GST rate on 88 items. According to the government, so far, according to their estimate, GST collection is almost fine. But now it is necessary to see what would be the August month’s GST collection after GST rate deduction in 88 items.
AUG 02 (WTN) - After getting introduced the GST in India, is has been continuously questioning. Sometimes at the rates of the GST, and sometimes about the process which is alleged to be complex. One year of GST has been completed in India. In this case, if one says so then the Indian people have become friendly with GST in the country, not only that, but the increasing in GST collection is also seen.
GST collection in July has brought 'good news' for the Modi government. According to the information, the collection of GST has increased in July compared to June. Under the GST, tax collection, in the month of July, has been increased to Rs 96,483 crore, while in the month of June, GST collection was Rs 95,610 crore. Earlier, in the month of May, the GST collection was Rs 94,016 crore. In the month of April, the GST collection reached Rs 1.03 lakh crore.
According to the information received from the Finance Ministry, in the month of July, total 66 lakh sales return GSTR 3B applications were filed, while in the month of June 64.69 lakh GSTR 3B were filed.
According to the information received from the media, the total GST revenue receipts in the month of July were Rs 96,483 crore. In the total receipt of GST, Rs 15,877 crore from Central GST, Rs 22,293 crore from state GST, Rs 49,951 crore from unified GST and Rs 8,362 crore from cess. It is being said that the revenue receipts are almost as expected.
According to the Finance Ministry, for the period April to May 2018, the revenues of Rs 3,899 crore have been released to the states as compensation. For your information, let you know that GST Council had reduced GST rates on 88 items in its meeting held few days ago. The impact of this deduction is not included in the July GST collection figures. The next meeting of the GST Council will now be on August 4.
GST Council has announced the reduction in GST rate on many items including washing machines, mixer grinders, fridges, shoes up to Rs 1,000, color granulation and sanitary napkins. This rate of reduction has come into effect from 27 July. So the impact of the GST reduction on all these items has not yet been seen in July GST acquisition data.
It is believed that the GST collection of the month of August is likely to come down. The reason for this can be the decrease in GST rate on 88 items. According to the government, so far, according to their estimate, GST collection is almost fine. But now it is necessary to see what would be the August month’s GST collection after GST rate deduction in 88 items.
