Bharatmala Pariyojana

The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), it said.

According to figures released by Finance Ministry on Thursday, GST collections in August 2021 were Rs 1,12,020 crore. Out of the total collections, CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore (including Rs 42,067 crore collected on import of goods), while the cess stood at Rs 10,168 crore (including Rs 1,018 crore collected on import of goods).

The rise in revenue can be witnessed on back of healthy tax buoyancy, with Goods and Services Tax (GST) collections and devolutions from the Centre, together comprising 43-45 per cent of the states' revenue, expected to show robust double-digit growth this fiscal. The above mentioned India's top 17 states, accounts for 85-90 per cent of aggregate gross state domestic product.

Speaking during a debate on the issue of price hike in the Lok Sabha, Sitharaman said the global agencies have ranked India's economy higher than most countries and there is no sign of recession in the country. While comparing India with neighbouring countries such as China, Sri Lanka, Pakistan, Bangladesh as well as the US and European countries, she said that on the basis of various parameters and data, India is in a much better state than most other countries at the global level.

For five months in a row, the monthly GST revenues have been more than Rs 1.4 lakh crore "During the month, revenues from import of goods was 48% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year," the ministry said.

The Finance Minister released a list of items that will not attract any GST, when sold loose, and not pre-packed or pre-labeled. In a series of tweets, she said: "Recently, the GST Council in its 47th meeting recommended to reconsider the approach for imposition of GST on specified food items like pulses, cereals, flour, etc.

As per the available data it is estimated that household budgets are likely to increase by more than Rs 1,000 per month. Flour, rice, dals to be costlier. For example a 20 kg bag of flour will cost Rs 630 to Rs 650 which was earlier Rs 600 per bag, and refined flour will cost Rs 5 to Rs 6 per kg. Similarly rice which cost Rs 1300 to Rs 1600 for a 25 kg bag will cost Rs 1400 to Rs 1800.

Similarly, unbranded but pre-packed curd, lassi, butter milk, food items, grains etc will be brought under the GST net from the exemption list. Writing, printing, or drawing ink will also become costlier. The rate rationalisation decision was taken at the two-day 47th GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman, that started in Chandigarh on Tuesday.

The services such as crypto mining along with sales and purchases are likely to attract the 28 per cent GST if the proposal goes through in the next GST meeting, according to reports. The date of the next GST meeting is yet to be finalised.

Speaking to reporters ahead of the GoM in the national capital on May 2, Godinho, the state's representative to the Council, also said that after the recommendations made by the GoM, the GST council would take a final call on the taxation policy for the three services.