Sunday, January 29, 2023

Corona Impact: Shock to the government on the front of GST collection! Dropped below 1 lakh crore for the first time in 9 months

GST Collection June: There is bad news for the government on the Goods and Services Tax (GST) front. There has been a decline in GST collection in June. The government has released its figures today. The GST collection in June this year has been less than Rs 1 lakh crore.

GST collection below 1 lakh crore

Earlier, for 8 consecutive months, the GST collection was more than Rs 1 lakh crore. The total GST collection in June has been Rs 92,849 crore. If we look at the gross GST revenue in June, it includes Rs 16,424 crore as CGST, Rs 20,397 crore for SGST, and Rs 49,079 crore for IGST including cess of Rs 6,949 crore. According to the statement issued by the government, the GST revenue in June is 2% more than the same period last year.

Read More: Corona‚Äôs new strain is beating the vaccine too, scientists warned about this

This is the reason for less collection

This figure of GST collection is from June 5 to July 5, when the government gave all tax-related concessions, taxpayers whose total turnover was up to Rs 5 crore, they were to be delayed by 15 days in filing returns in June. Interest was given relief. Extension of the ITR filing deadline by 15 days is also included. Apart from this, a cut in interest rates is also included. The government has settled CGST of Rs 19,286 crore and SGST of Rs 16,939 crore from IGST in June as a regular settlement.

lockdown also had an effect

The June collection figures are related to the business transactions done in May this year. In May this year, due to the second wave of Corona, there was a situation of lockdown in most of the states. E-way bill data for May shows that 3.99 crore e-way bills were generated this month. 5.88 crore e-bills were generated in April. In this way, e-way bills decreased by more than 30 percent in May as compared to April.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

1 January 2023: There will be a big change in many rules ranging from bank locker, credit card

Changes From 1 January 2023: After a few days, the new year is going to start and the new year is starting with many...

Tax Reform System: Important news for taxpayers, ITR form will change next year!

Tax Reform System In India: There is news of work for taxpayers. The government (Modi government) may soon make changes to the ITR form....

Income Tax Refund: the government has given this great news; is your name in the list or not

Income Tax Refund: Refunds are continuously being issued by the Income Tax Department for the financial year 2022-23. In the information given by the...

ITR Filing: Good news for ITR filers, Income Tax Department started a big facility

Income Tax Return: There is important news for those who pay income tax. Now you are going to get some big benefits. If you...

Electric Vehicle Sale: Buying an electronic vehicle will get exemption in income tax, see how much will be the benefit

Electric Vehicle Companies in India: If you are going to take an electronic vehicle then it will prove to be very beneficial for you....

Most Popular

Subscribe

* indicates required