As per information provided by Minister of State for Finance, Pratap Shukla in Lok Sabha, Maharashtra and Uttar Pradesh are the top contributors among all states and Union Territories (UTs) in the first five months (1st July – 30th November, 2017) of the rollout of the Goods and Services Tax (GST) regime.
GST Collection from July – November 2017:
Maharashtra and Uttar Pradesh together accounted for 24 per cent of the total cess collections of Rs 30224 crore under the Goods and Services Tax (GST).
- With Rs 18701 crore, Maharashtra also topped in State GST (SGST) collections.
- In terms of SGST collections, Maharashtra is followed by Tamil Nadu (Rs 8739 crore), Karnataka (Rs 7736 crore) and Gujarat (Rs 7375 crore). Total SGST collections stood at Rs. 87888 crore.
- Total Central GST (CGST) collections stood at Rs 59048 crore.
- In these months, Rs 1.91 lakh crore has been collected as Integrated GST (IGST). Major portion of total IGST collection (Rs 90038 crore) has been collected through imports.
- As per Government data, 33 lakh taxpayers have registered under the new GST regime till October 31, 2017. Out of these, 64.38 lakh taxpayers migrated from the earlier excise and Value Added Tax (VAT) system while 28.94 lakh are new registrants in the GST regime.
Quick Facts about Goods and Services Tax (GST):
GST is a destination-based, single indirect tax that is levied on consumption of goods or use of services across India.
- It was rolled out in India from July 1, 2017.
- GST replaced 16 levies (7 central taxes and 9 state taxes), consequentially creating India as one market with one tax rate.
- Goods and Services Tax (GST) Council headed by Union Finance Minister Arun Jaitleyand comprising representatives of all states have finalised four tax brackets under GST viz. 5%, 12%, 18% and 28%.
AffairsCloud Recommends Oliveboard Mock Test
AffairsCloud Ebook - Support Us to Grow
Govt Jobs by Category
Bank Jobs Notification
