GST collection of states rises to Rs 5.18 lakh cr in FY19

Economy


NEW DELHI: GST collection of states and union territories (UTs) increased to Rs 5.18 lakh crore in the full financial year 2018-19, up from Rs 2.91 lakh crore collected in nine months of 2017-18, Finance Minister Nirmala Sitharaman said Monday.

Besides, Centre has released Rs 81,177 crore compensation to states during 2018-19, as against Rs 48,178 crore during July-March period of 2017-18 fiscal.

In a written reply to a question in the Lok Sabha, Sitharaman said concerted efforts have been made to improve tax compliance.

Loading...

“The GST collection of the states/UTs has been showing steady improvement over the period of time. In addition, they are also assured a growth of 14 per cent for a period of five years through payment of compensation by the central government,” she said.

The total GST collection of the states/UTs for 2018-19 stood at Rs 5,18,447 crore against GST collection of Rs 2,91,100 crore in 2017-18, she added.

“Extensive automation of business processes, application of e-way bill mechanism, targeted action on compliance verification, enforcement based on risk assessment and proposed introduction of electronic invoice system are the steps taken for increasing the revenue collection,” she said.

Goods and Services Tax (GST), which subsumed 17 local taxes, was rolled out from July 1, 2017. The average gross GST collection in 2018-19 fiscal was Rs 98,114 crore, up from Rs 89,885 crore in 2017-18.



Source link

Articles You May Like

HSBC reports fourth-quarter, full-year 2020 earnings
Dow futures rise around 200 points as Treasury yields fall
HP (HPQ) earnings Q1 2021
ESIC eases conditions for women to avail sickness benefit, decides to set up more health facilities
Best Buy (BBY) earnings Q4 2021 beat projections, but sales gains slow

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...