GST

The gross GST revenue collected in November 2022 were Rs 1,45,867 crore of which CGST was Rs 25,681 crore, SGST Rs 32,651 crore, IGST Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess Rs 10,433 crore (including Rs 817 crore collected on import of goods)

The total amount of compensation released to the states so far, including the aforesaid amount, during 2022-23 is Rs 1,15,662 crore, official sources said. This is despite the fact that total cess collection till October, 2022 is only Rs 72,147 crore and the balance of Rs 43,515 crore is being released by the Centre from its own resources.

Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance. Tax collection target for the current fiscal is pegged at Rs 27.50 lakh crore. Bajaj also that the direct tax collections consisting of personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal.

The tax on crude oil produced by State-owned ONGC was hiked to Rs 10,200 per tonne from Rs 9,500 per tonne, with effect from Thursday, according to a notification.The revision in windfall tax is done every fortnight.The government has also reduced the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre.

Puri, who was in Srinagar, told media persons that for bringing petrol and diesel under GST, the states need to have a consensus. So if the states are ready, then the Centre would also be prepared as it has been ready for it all along, he added, as per reports. At the same time though, he noted that how would be implemented, is another issue altogether, and this should be addressed to the Finance Minister.

The monthly GST revenues have been more than Rs 1.4 lakh crore for eight months in a row. The Rs 1.5 lakh crore mark has been crossed for the second time since the inception of GST, official sources said. September saw the generation of 8.3 crore e-way bills, which is significantly higher than 7.7 crore e-way bills generated in August.

The scope of GST has widened over the years, however, a gap has been observed in skilled tax professionals to cater to the demand. In this context, E-learning platform Tax4Wealth has prepared various training courses related to GST with a special focus on imparting practical skill training in the line of Skill India Mission.

According to sources privy to developments, these companies were reportedly found to be availing input tax credit (ITC) without underlaying supply of goods and services. Sources informed that on the basis of specific inputs received against ICICI Prudential Insurance for reportedly availing ineligible ITC without underlaying supply of goods and services, certain other common intermediaries were also identified.

Net direct tax collections stood at Rs 7.01 lakh crore for the current fiscal till September 17, showing a 23 per cent rise over the corresponding period of last year. Cumulative advance tax collections were at Rs 2.95 lakh crore till September 17 in 2022-23, a growth of 17 per cent over the corresponding period of last year, according to the data released by the Finance Ministry.

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.