Earnings from GST

Earnings from GST decreased, next meeting of GST Council on January 18

According to the figures released by the Finance Ministry, till November 25, for the month of November, a total of Rs 80,808 crore was received as GST.

NEW DELHI: The Earnings from GST and commodity and service tax continuously decreasing. The total earnings in Navbunder’s month are about Rs 81 thousand crores.Since 1st July whenever GST was introduced to making the whole nation a tax-making system and service tax.

Under this, a tax has been introduced by the 17 different types of indirect taxes and 23 types of cesses of the Central and the States.However, the rate of tax is not one.

 

Now, different types of goods and services are taxed at the rate of 5, 12, 18 & 28 percent, whereas for precious metals like gold & silver there is a special rate of 3 percent. meanwhile, cess of 28 percent is also applied on luxury goods and motor vehicles.

 

GST is further divided into 2 parts, CGST(Central Goods and Services Tax) and SGST(State Goods & Services Tax). On the other hand, IGST (Integrated Goods and Services Tax) is imposed on trade between two states. But keep in mind that IGST is not taxed separately and when IGST sounds, CGST and SGST is not separately installed on it.

 

One more thing is that half of the revenue earned by GST goes to the Center and the rest of the states, while compensation from those states is compensated by earning from Cess, where earnings have come down after GST is implemented.

 

November figures 

According to the figures released by the Finance Ministry, till November 25, for the month of November, a total of Rs 80,808 crore was received as GST. In this, Rs 13,089 crore CGST and Rs 18,650 crore as SGST. In the case of IGST, Rs 41,270 crore was received, while Rs 7,798 crore was received as Cess (Vibrational).

The Ministry has also informed that until December 25, the number of those registered with GST is close to 99 lakhs. Out of this, there are more than 1.6 million business people who have to file return returns every three months, while more than 53 lakh business people have received returns for the month of November till December 25.

Although the Ministry has not mentioned the reason for the fall in earnings, the rates of GST reduced on more than two hundred items in the month of November. The highest reduction was in the 28 percent area where the rates on 178 goods were reduced. Except for exception, GST rates were reduced to 5% on all restaurants. An exception here means that the restaurants located in the hotel where the room rent is Rs.7 thousand or more, the GST rate for such restaurants is 18%. For all these reasons, it seems that the tax has reduced in earnings and it has increased the concern of the government. Now the eyes of the government are on merchants who have registered under GST but are not filing returns. There is hope for action on such traders, traders.

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