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GST revenue collection in November stands at Rs 1 31,526 crore, second highest since 2019

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GST revenue collection in November stands at Rs 1 31,526 crore, second highest since 2017

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The gross proceeds of the Goods and Services Tax collected in November amounted to Rs. 1,31,526 crore. GST collection for November 2021 exceeded that of October and was also the second highest since the implementation of the GST.

Revenue for November 2021 was 25% higher than GST revenue for the same month last year and 27% higher than 2019-2020.

Here are some of the reasons for the increase in GST revenue collected:

– Various policy and administrative measures to improve compliance

– Central tax enforcement agencies, as well as major tax evasion cases detected by the state

– Files relating to false invoices, using various IT tools developed by GSTN which use data from returns, invoices and e-way bills to search for suspicious taxpayers

– Improved system capacity, pushing non-filers past the last filing date, automatic filing of statements, blocking of electronic waybills and adoption of input tax credit for non-filers

– Constant improvement in the filing of declarations in recent months

The GST, which encompasses indirect taxes such as excise duty, service tax and VAT, was rolled out from July 1, 2017.
On Tuesday, Finance Minister Nirmala Sitharaman said the Center has pledged to compensate states for five years for lost revenue due to the implementation of the GST, as required by law. The Constitutional Amendment Act on GST provides for the center to compensate the state for five years for loss of income resulting from the implementation of the goods and services tax (GST) and during the transition period, state revenue is estimated at 14% per year. on base year 2015-16 revenue, she said.

First publication: STI

GST revenue collection in November stands at Rs 1 31,526 crore, second highest since 2017

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