Tag: November GST revenues

Current Trends in Indian Economy November GST revenues rise 11% from 2021 India’s gross GST revenues were ₹1,45,867 crore in November 2022, 11% higher than a year ago, but nearly 4% below October’s collection. Revenues from import of goods were 20% higher while domestic transactions, including import of services, yielded 8% higher taxes than November 2021. State GST collections in November accounted for ₹32,651 crore of revenues, while the Integrated GST was ₹77,103 crore, including 38,635 crore collected on import of goods. GST Compensation Cess collections were at ₹10,433 crore, factoring in ₹817 crore collected on import of goods — marginally lower than the ₹10,505 crore collected in October 2022. Six States recorded a contraction in revenues in November, including Gujarat, Rajasthan and Kerala (-2%), Punjab (-10%), Himachal Pradesh (-12%) and Goa (-14%). About GST: GST was launched on July 1, 2017. GST has replaced the old Indirect tax regime in India. It was introduced with the idea of “One Nation- One Market- One Tax”. 2022 marks the Fifth Anniversary of GST. GST is an indirect, multi-stage, consumption-based tax system. It subsumes several domestic indirect taxes like service tax, purchase tax, value-added tax, excise duty, and others under one head. It does not include Petroleum, Liquor, and stamp duty. The Three taxes application under the GST are CGST (Central) SGST (State) and IGST (integrated). The Four tax slabs are 5%, 12%, 18%, 28%.