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November GST collection a tad below Rs 1.5 lakh crore; rises 11% on-year, but slips from previous month

The GST collection in November was at about Rs 1.46 lakh crore, up 11% on-year.

November GST collection a tad below Rs 1.5 lakh crore; rises 11% on-year, but slips from previous month
The November collection slipped a little from Rs 1.52 lakh crore in the previous month of October.

The GST collection in November clocked in above Rs 1.4 lakh crore for the ninth month in a row, at Rs 1.46 lakh crore. The November collection rose 11% on-year, but slipped a little from the Rs 1.52 lakh crore in the previous month of October. India’s November GST revenue comprises CGST of Rs 25,681 crore, SGST of Rs 32,651 crore and IGST of Rs 77,103 crore, out of which Rs 38,635 crore was levied on the import of goods. Cess amounted to Rs 10,433 crore. Import revenue is 20% higher than the corresponding month the previous year, while revenues from domestic transactions is up 8% on-year.

The government settled almost Rs 34,000 crore to CGST, Rs 28,538 to SGST. The Centre also released Rs 17,000 in compensation to India’s states and UTs in November. Maharashtra, Karnataka, Gujarat and Uttar Pradesh are the biggest contributors to India’s monthly GDP, while Arunachal Pradesh, Ladakh, Daman & Diu and Manipur are territories that grew the most on-year according to their GDP revenues. The upcoming GST Council meeting will be held on 17th December by video conferencing. The 48th meeting will be chaired by Finance Minister Nirmala Sitharaman.

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The 47th GST meeting was held on 28th and 29th June in Chandigarh, chaired by Finance Minister Nirmala Sitharaman. The four key points that discussions centered around were betting, gambling, gaming and lottery; Income Tax related matters; moving precious metals and items, such as gold; interim reports on rate rationalization, exemptions. The Council gave the Group of Ministers more time to finalize taxes on online gaming, betting, casinos and lotteries, where the GST levied is 18% on the gross gaming revenue. The GoM suggested a hike by 10 percentage points to 28% on the full value.

The GST Council also hiked the GST rates for a multitude of goods, such as LED lamps, lights, light fixtures and drawing ink to 18%. The rate on tetra packs was raised to 18% as well, while the goods and services tax on polished diamonds was cut from 1.5% to 0.25%. These changes were implemented on 18th July 2022.

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First published on: 01-12-2022 at 04:01:41 pm