GJ Town India

  September, 2020 GST collected of ` 95,480 crore!   The gross GST revenue collected in the month of September, 2020 is ` 95,480 crore of which CGST is ` 17,741 crore, SGST is ` 23,131 crore, IGST is ` 47,484 crore (including ` 22,442 crore collected on import of goods) and Cess is ` 7,124 crore (including ` 788 crore collected on import of goods). The government has settled  ` 21,260 crore to CGST and ` 16,997 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of September, 2020 is ` 39,001 crore for CGST and ` 40,128 crore for the SGST.   The revenues for the month are 4% higher than the GST revenues in the same month last year. During the month, the revenues from import of goods were 102% and the revenues from domestic transaction (including import of services) were 105 % of the revenues from these sources during the same month last year.   Th...

GST on reform spree! Further reforms of GST in current fiscal (2019-20) has an edge & some focussed advantages, 1: Simplified Tax Structure:   Reduction in cascading effect of taxes, transparent and has harmonisation of laws and procedures.  2: Easy Compliance: compliance burden has come down with one pan-India tax replacing multiple taxes and automated processes.   3: Promoting Trade and Industry:   Seamless flow of tax credit. 4: Spurring Economic Growth: Creation of unified common national market. Some developments during the GST journey since 2017:   1: Subsuming of taxes: It was new experience of subsuming 17 different types of taxes under GST. Pre – GST, Trade & Industry had to undergo compliances under Central Excise, Service Tax & VAT and doing business in multiple states involved adhering to different VAT laws, compliance through different portals and answering to different authorities, all that has been unified int...