Government earns Rs. 1.3 lakh Crores in this pandemic, second highest till now

GST

GST

A huge sum of Rs. 1,30,127 crore is earned by the government, as GST, in October,21. It is the second highest revenue collected including CGST (RS. 23,861 Crore), SHST(RS. 30,241 crore) and IGST(RS. 67, 361 crore). Goods and Service Tax is an indirect tax incurred by the government It helps to create a common, cooperative and undivided Indian market and boosts the country's economy one step higher.

 

The regular settlements are RS. 27,310 crore(CGST) and RS. 22,394 crore(IGST). Hence, the total revenue of the Centre and States are RS. 51171 crore for GST and RS. 52815 for SGST.

It is very shocking to witness the graph! Since, GST was introduced, October,21 has seen the highest collection, second only to that of April, this year. One of the most significant reason behind such collection is "Online Marketing." More the generation of e-bills, the more GST collected. Various measures have been taken through SMS, enabling Quarterly Return Monthly Payment (QRMP) system. The council has also played a vital role. It has discouraged blocking of electrical bills, system-based suspension of regisy of taxpayers who have failed to file six returns in a row and blocking of credit for return defaulters.

GSTR-1 was filed after noticing an improvement of return filling. It strictly monitors input tax credit. The revenues in October strike 24% high than the GST revenues in October,20. It is astonishing to believe that import revenue remained 39% higher and domestic transactions are 19% high at this cricis times. Experts are saying,'All this happend due to the sudden pandamic for which no one was really ready for. India, with a population of 150 crore, definitely needed some time to fight back. That's when, they had to import much.'

 

The impact had gradually increased high revenue. But, GST Council definitely needs to keep a strict vision at fake ITC.

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