Goods and Services Tax helps govt collect whopping Rs 42000 cr, IGST contributes Rs 15,000 cr to revenue kitty
Goods and Services Tax helps govt collect whopping Rs 42000 cr, IGST contributes Rs 15,000 cr to revenue kitty
The New Goods And Services Tax (GST) Regime Has Helped The Government To Collect A Whopping Rs 42,000 Crore In Taxes So Far In The First Monthly Filing Under And The Revenues Are Expected To Swell Further As The Filing Cycle Closes This Later This Week.
News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 22 Aug 2017, 08:41:20 AM
New Delhi:
The new Goods and Services Tax (GST) regime has helped the government to collect a whopping Rs 42,000 crore in taxes so far in the first monthly filing under and the revenues are expected to swell further as the filing cycle closes this later this week.
Read more about GST collections surpass Rs 1.1 trn-mark for 3rd straight month in Feb on Business Standard. The revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year
GST revenue hits ₹1 tn for a fifth month
Data released by the finance ministry showed GST collections stood at ₹1.13 trillion in February
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Goods and services tax (GST) collections by the Centre and states exceeded the ₹1 trillion mark for the fifth straight month in February, aided by an aggressive drive to improve compliance and recovery in economic activities.
The sustained rise in GST collections, staging a recovery after a steep drop in April when India was in a national lockdown, offers relief to policymakers seeking to bridge a massive revenue shortfall.
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Read more about States GST revenue shortfall may be lower by up to Rs 40,000 cr this FY on Business Standard. The centre had set up a special window to borrow funds and pass on to the states for meeting the Rs 1.10 lakh crore GST revenue loss