GST collection Current Affairs, GK & News

GST revenue up 28% year-on-year in August

The Gross GST Revenue collected in the month of August 2022 is ₹ 1,43,612 crore which is 28% higher than the GST revenue of ₹ 1,12,020 crore in the corresponding month of the previous year. Highlights During the month, revenue from domestic transactions (including import of services) and import of goods grew by 57%, up ..

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GST Collections November 2021

The GST revenue for the month of November 2021 was Rs 1,31,526 crores. This is the second highest collection since the introduction of GST in the country. The first highest collection was in April 2021. GST Collections The CGST was Rs 23,978 crores. The IGST was Rs 66,815 crores. Of this Rs 32,165 crores was ..

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Finance Ministry’s Monthly Economic Review

The Ministry of Finance recently released its “Monthly Economic Review for September 2021”. According to the report, Indian economy is on path of swift recovery from the impact of Covid-19 pandemic. Key Findings As per economic review report, sustained & robust growth in agriculture sector, rebound in manufacturing & industry sector, resumption of services activity ..

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GST Compensation: Rs 6,000 crores tranfered to 16 states

On October 23, 2020, the Government of India transferred Rs 6000 crores to 16 states and two union territories as the first tranche. The interest rate has been fixed at 5.19 %. Key highlights Over 21 states had opted for the borrowing scheme. And five other states did not have revenue shortfall to claim compensation. ..

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Finance Minister Nirmala Sitaraman chairs 43rd GST Council Meet

On October 12, 2020, the Finance Minister Nirmala Sitaraman chaired 43rd GST Council Meet. The council for the third time discussed the issue of revenue shortfall of states. Before the meet, the minister announced a slew of economic measures to boost consumer demand in the country. Key Highlights The meet ended without conclusions. Majority of ..

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42nd GST Council Meet held

On October 5, 2020, Finance Minister Smt Nirmala Sitaraman chaired the 42nd GST Council Meet. Key Highlights The GST Council could not finalize borrowing plans of states to meet the compensation short fall after eight hours of meet. 18% of GST over launch satellite launches exempted. The Indian firms earlier had to pay 18% GST ..

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