GST NEWS
GST compensation worth Rs 52,077 crore paid to states/UTs: Government
GST compensation worth Rs 52,077 crore paid to states/UTs: Government
Aug 10, 2018

The Union government today said a GST compensation totalling Rs 52,077 crore has been paid to states and UTs during the 11-month period through May 2018. 

Under the Goods and ServicesNSE -0.84 % Tax (GST), implemented on July 1, 2017, the Centre has to compensate states/UTs for loss of their revenue on account of implementation of the new indirect tax regime. 

"... states/UTs have been paid GST compensation of Rs 48,178 crore for the period July 2017 to March 2018 and of Rs 3,899 crore for the period of April-May 2018," Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Lok Sabha. 

Total taxes collected under GST works out to be Rs 11.3 lakh crore in the 13-month period ending July 2018. 

The maximum GST collection was Rs 1.03 lakh crore in April. The collection dipped to Rs 94,016 crore in May and has been gradually increasing in the subsequent months. 

In another reply, Shukla said the Centre is taking various steps to check evasion as well as educate the tax payers about the new tax regime and encouraging voluntary compliance.

Source :  The Economics Times

Top Stories
Revised GST Tax Rates To Go Live On July 27: Several Home Appliances To Be Taxed At 18 Percent
The GST Council entrusted with placing consumer goods and services in multiple tax slabs, removed se...
Jul 25, 2018
149 Views
GST rate cut: Consumer electronics, kitchen appliances, leather items, footwear get cheaper
In its 28th meeting, the GST Council gave its approval to slash tax rates on over 100 items that wer...
Jul 22, 2018
164 Views
Income Tax department seeks GST and GAAR details in new audit form
The Income Tax department has changed a form in the tax audit report, seeking details of the goods a...
Jul 25, 2018
133 Views
GST rate cut to bring renewed interest in beneficiary stocks
The GST council’s monsoon bonanza for consumers in reducing rates on several general use items is li...
Jul 24, 2018
132 Views
No GST refunds for foreigners
Foreigners coming to India may not get the go­ods and services tax (GST) refunds on goods purchased ...
Aug 7, 2018
107 Views
Articles on GST