What is GST revenue?
The gross GST revenue collected in the month of April, 2022 is Rs 1,67,540 crore of which. CGST is Rs 33,159 crore, SGST is Rs 41,793 crore, IGST is Rs 81,939 crore (including Rs. 36,705 crore collected on import of goods) and cess is Rs 10,649 crore (including Rs 857 crore collected on import of goods).
Is GST a tax revenue?
The Goods and Services Tax (GST) collected in the state of Gujrat is Rs. 8,497 crore for the month of October 2021. The revenue collected is 25% higher than the amount collected in the same month last year.
Which state has highest GST collection in India?
Odisha
Odisha has recorded the highest-ever state GST collection of Rs 1,714.78 crore in April this year, registering a 52.20 per cent growth over the year-ago month, a senior official said on Tuesday. The state GST (SGST) mop-up was Rs 1,126.67 crore in the corresponding month last year.
How much GST has been collected?
In the 2020-21 fiscal, the net GST collection was over Rs 5.48 lakh crore, which was more than the revised estimates (RE) of Rs 5.15 lakh crore. In 2019-20, the net collection was over Rs 5.98 lakh crore, which is 97.8 per cent of the RE.
What kind of tax is GST?
indirect tax
Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
What GST means?
Goods and Services Tax
GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc.
What is GST with example?
What are 3 types of GST – CGST, SGST AND IGST?
| Transaction Type | Type of GST Applicable | Example |
|---|---|---|
| Inter-state (i.e sale outside state) | IGST | A dealer in Mumbai makes a sale to a dealer in Delhi. GST rate is 5%, so 5% IGST will be applicable. |
Who is the highest GST payer in India?
In terms of absolute GST collection amount, Maharashtra saw the most GST collection of Rs 27,495 crore, followed by Karnataka (Rs 11,820 crore), Gujarat (Rs 11,264 crore), Uttar Pradesh (Rs 8,534 crore) and Haryana (Rs 8,197 crore), according to the latest official data.
Which product has highest GST?
At present, the GST charged on two-wheelers is 28%, which is the highest slab for GST.
How is GST collected in India?
Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.
Who pays GST tax?
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
What are the 4 types of GST?
There are four different types of GST as listed below:
- The Central Goods and Services Tax (CGST)
- The State Goods and Services Tax (SGST)
- The Union Territory Goods and Services Tax (UTGST)
- The Integrated Goods and Services Tax (IGST)
What are the 3 types of GST?
Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.
How do I calculate GST?
The formula for GST calculation:
- Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.
- Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.
What are the benefits of GST?
GST Benefits
- Uniformity in Taxation. …
- Helping Government Revenue Find Buoyancy. …
- Cascading of Taxes. …
- Simpler and Lesser Number of Compliances. …
- Common Procedures. …
- Benefits to the Economy. …
- Benefits to Industry and Trade.
Why GST is introduced?
To subsume a majority of the indirect taxes in India
There was no unified and centralised tax on both goods and services. Hence, GST was introduced. Under GST, all the major indirect taxes were subsumed into one. It has greatly reduced the compliance burden on taxpayers and eased tax administration for the government.
Who is the father of GST?
2000: In India, the idea of adopting GST was first suggested by the Atal Bihari Vajpayee Government in 2000. The state finance ministers formed an Empowered Committee (EC) to create a structure for GST, based on their experience in designing State VAT.
Is GST good for India?
Being the Biggest tax reform in India, GST will allow the real GDP growth of the Indian economy to hit 6.75 per cent in this fiscal year with expectations of 7 to 7.5 per cent real GDP growth in 2018-19. SMEs and small taxpayers have benefitted from the GST system with a number of relaxations.