IGST 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 in May 2022

In the month of May 2022, the Goods and Services Tax (GST) revenue stood at around Rs 1.41 lakh crore. This is a 44 percent increase in comparison to May 2021. The GST collection in May was lower than what was recorded in April 2022 which stood at Rs 1.68 lakh crore. The GST collections ..

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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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How will GST Exemption lead to Price rise?

The West Bengal Chief Minister recently requested the Prime Minister Narendra Modi to exempt COVID medicines and oxygen tanks from taxes. Several other states such as Odisha were also asking for tax exemption on key medicines. The Finance Minister Nirmala Sitharaman recently said that full exemption of Goods and Services Tax (GST) on Vaccines will ..

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0% IGST on Import of Covid-related relief material

The Government of India recently waived the Integrated GST till June 30, 2021. This included Remdesivir, Beta cyclodextrin, medical grade oxygen, oxygen concentrators, cryogenic transport tanks, etc. Conditions The Government of India has provided exemptions under the following conditions: A Nodal Authority should be appointed by the State Government in accordance with the Central Goods ..

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IGST on Import of Oxygen Concentrators reduced

The Ministry of Finance recently cut the IGST on import of oxygen concentrators for personal use to 12%. Earlier it was 28%. IGST is Integrated Goods and Services Tax. The decision was announced by the Central Board of Indirect taxes and Customs. The changes are being made in accordance to the IGST Act, 2017. Constitutional ..

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