GST collection drops in Nov by more than Rs 10K cr

[ashok321]

GST collection drops in Nov by more than Rs 10K cr

NEW DELHI: Government's total collection under GST for the month of November 2017 has dropped to Rs 83,346 crore till 27th November 2017.

The revenue collected under GST in October was Rs 95,131 crore, while the government had collected Rs 93,141 crore revenue in September.

"A total of 95.9 lakh taxpayers have been registered under GST so far, of which 15.1 lakh are composition dealers which are required to file returns every quarter.... 50.1 lakh returns have been filed for the month of October till 26th November," said the ministry.

The Centre has released a compensation of Rs 10,806 crore to states for July and August. A compensation of Rs 13,695 crore for September and October is being released, it said.

Key highlights from the finance ministry's statement:

* States have collected Rs. 87,238 crores by way of SGST in August, September,October & November 2017 (till 27th November). Further on all Inter-State trade, a net amount is transferred from IGST account to the SGST account whenever IGST collected is used for payment of SGST.

* By way of settlement an amount of Rs. 31,821 crores has been released to the States for the months of August, September & October 2017. Rs. 13,882 crores is being released by way of settlement to all the States for the month of November 2017.

* As per Goods and Services (Compensation to States) Act 2017, the States Revenues are fully protected against any shortfall in GST collections. A compensation amount of Rs. 10,806 crores has been released to all the States for July & August 2017.

* A compensation of Rs 13,695 crores September and October 2017 is also being released.

* States revenues have thus been fully protected taking base year revenue as 2015-16 and providing for a projected revenue growth rate of 14%.

* Centre’s Revenue: The total CGST income for the months of August, September, October and November (till 27th November) has been Rs. 58,556 crores.

* In addition to this, an amount of Rs. 16,233 crores has been transferred from IGST account to CGST account by way of settlement of funds on account of Inter-State supply of goods and services in the month of August, September and October, 2017.

* Rs 10,145 crores is being transferred to CGST account from IGST account for November 2017 by way of settlement. The major reason for the gap in income of CGST and SGST has been that more CGST liability has been discharged using transition credit rather than by way of cash.

* Thus, taxpayers are using the balance credit available with them in the previous tax regime, which is the reason why there is an additional revenue gap in the Centre’s revenue.

* Returns filed: The total number of GSTR 3B returns filed for the return period July, August, September and October 2017 till 26th November is 58.7 lakh, 58.9 lakh, 57.3 lakh and 50.1 lakh respectively.

 

[ashok321]

Lol...

 

[DarX]

GST collection drops in Nov by more than Rs 10K cr

NEW DELHI: Government's total collection under GST for the month of November 2017 has dropped to Rs 83,346 crore till 27th November 2017.

The revenue collected under GST in October was Rs 95,131 crore, while the government had collected Rs 93,141 crore revenue in September.

"A total of 95.9 lakh taxpayers have been registered under GST so far, of which 15.1 lakh are composition dealers which are required to file returns every quarter.... 50.1 lakh returns have been filed for the month of October till 26th November," said the ministry.

The Centre has released a compensation of Rs 10,806 crore to states for July and August. A compensation of Rs 13,695 crore for September and October is being released, it said.

Key highlights from the finance ministry's statement:

* States have collected Rs. 87,238 crores by way of SGST in August, September,October & November 2017 (till 27th November). Further on all Inter-State trade, a net amount is transferred from IGST account to the SGST account whenever IGST collected is used for payment of SGST.

* By way of settlement an amount of Rs. 31,821 crores has been released to the States for the months of August, September & October 2017. Rs. 13,882 crores is being released by way of settlement to all the States for the month of November 2017.

* As per Goods and Services (Compensation to States) Act 2017, the States Revenues are fully protected against any shortfall in GST collections. A compensation amount of Rs. 10,806 crores has been released to all the States for July & August 2017.

* A compensation of Rs 13,695 crores September and October 2017 is also being released.

* States revenues have thus been fully protected taking base year revenue as 2015-16 and providing for a projected revenue growth rate of 14%.

* Centre’s Revenue: The total CGST income for the months of August, September, October and November (till 27th November) has been Rs. 58,556 crores.

* In addition to this, an amount of Rs. 16,233 crores has been transferred from IGST account to CGST account by way of settlement of funds on account of Inter-State supply of goods and services in the month of August, September and October, 2017.

* Rs 10,145 crores is being transferred to CGST account from IGST account for November 2017 by way of settlement. The major reason for the gap in income of CGST and SGST has been that more CGST liability has been discharged using transition credit rather than by way of cash.

* Thus, taxpayers are using the balance credit available with them in the previous tax regime, which is the reason why there is an additional revenue gap in the Centre’s revenue.

* Returns filed: The total number of GSTR 3B returns filed for the return period July, August, September and October 2017 till 26th November is 58.7 lakh, 58.9 lakh, 57.3 lakh and 50.1 lakh respectively.

This is only the trailer for the blunders of Modi. What is coming soon are the effects of the mismanaged implementation of the GST. That is when the terror of the Income Tax raids, the corruption in tax brackets and the loss in productivity due to complexities will really starting biting into India's economy.

 

[kasper95]

This is only the trailer for the blunders of Modi. What is coming soon are the effects of the mismanaged implementation of the GST. That is when the terror of the Income Tax raids, the corruption in tax brackets and the loss in productivity due to complexities will really starting biting into India's economy.

Do you know what is GST and how it works

 

[DarX]

Do you know what is GST and how it works

Do YOU know what it is and how it works?

 

[ashok321]

Do YOU know what it is and how it works?

Modi learned GST from France who started it back in 1954, and now he wants to make it a case study of it in Harvard.

Lol at self-aggrandizing Modi.

Ulu banana tau koi Modi se sikhe.

Struggling companies signal a slow recovery for Indian growth

 

[DarX]

Modi learned GST from France who started it back in 1954, and now he wants to make it a case study of it in Harvard.

Lol at self-aggrandizing Modi.

Ulu banana tau koi Modi se sikhe.

Struggling companies signal a slow recovery for Indian growth

Haha. And all this time Modi leaves no stone unturned to slander the previous govts of India, who actually built the base for this growth. The real fruits of Modi's follies will manifest in the years to come.

 

[punit]

Indian are obsessed with pakistan.

 

[ashok321]

• Shipping, airline companies add to GST woes: Exporters

Chocolate and confectionery makers in India posted near-decade-low growth in sales last fiscal, as health-conscious consumers cut back on discretionary buying in a slowing economy.

Lol

GST rollout impacts September quarter earnings of BSE companies

Lolwa...

 

[ThinkLogically]

@ashok321 @DarX

You fools, don't you have common sense. November has not yet ended and you guys are already delivering judgement.

GST collection in September was 93,000 crores. That's 3,100 crores per day.

For 27 days for November the collection is 83,350 crores which is 3,090 crores per day. This is perfectly fine as there is almost no decrease.

Please take some medicine for your Modiphobia.

 

[DarX]

@ashok321 @DarX

You fools, don't you have common sense. November has not yet ended and you guys are already delivering judgement.

GST collection in September was 93,000 crores. That's 3,100 crores per day.

For 27 days for November the collection is 83,350 crores which is 3,090 crores per day. This is perfectly fine as there is almost no decrease.

Please take some medicine for your Modiphobia.

Keep day dreaming. There is no cure for a bakht.

 

[ashok321]

Keep day dreaming. There is no cure for a bakht.

GST collections in October decline to Rs 83,346 crore

 

[AndrewJin]

Such a tiny tax pool.....I think GST is supposed to a huge pool of money?
Are people avoiding this tax? Or the government has no capacity to collect tax?
I think GST is levied on most tradable products and services.....at least in the case of most countries.
India's consuming market is very small, is it wise to kill a market still in the infant period?

 

[kasper95]

Do YOU know what it is and how it works?

Please explain if you know

 

[Nilgiri]

Such a tiny tax pool.....I think GST is supposed to a huge pool of money?
Are people avoiding this tax? Or the government has no capacity to collect tax?
I think GST is levied on most tradable products and services.....at least in the case of most countries.
India's consuming market is very small, is it wise to kill a market still in the infant period?

You do realise the previous tax system was extracting way more and way worse inside the product chain? GST at least is working to only tax the final rather than intermediates. It is ongoing analysis in the implementation (i.e what are the most relevant intermediates in question given some are also final products)....this govt at least takes feedback and works to incorporate it....unlike previous govt (if you know for example how it implemented VAT against the feedback it received). It could have done a lot better, but it has to start somewhere, (nothing is perfect from day 1) and work consistently to make it better, which it is doing.

The lower cherry pick tax collection numbers in interim period is actually a good thing, it is reflective of a) less (esp short term) intermediates being punished b) delayed tax regime on many final consumable so there is adjustment period for the companies. And no people are not avoiding the tax, the tax base is much increased since only final products and services matter rather than bargaining and bribing about how to tax intermediates and basic inputs which saddled India with terrible price cascading in the so called post-reform (1991) period unlike what Deng Xiaoping reset (quite smartly) for China in the 80s.