How a lot GST did Indians pay in December 2024? Govt knowledge says…
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The Central GST (CGST) assortment accounted for Rs 32,836 crore, State GST (SGST) for Rs 40,499 crore, Built-in GST (IGST) for Rs 47,783 crore, and Cess for Rs 11,471 crore. The year-to-date (YTD) GST collections now stand at Rs 16,33,569 crore
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India’s gross Items and Companies Tax (GST) income climbed 7.3 per cent year-on-year to Rs 1.77 lakh crore in December, in keeping with authorities knowledge launched Wednesday (January 1).
Nevertheless, the collections dropped 2.97 per cent month-on-month, reaching a three-month low.
The year-to-date (YTD) GST collections now stand at Rs 16,33,569 crore– a 9.10 per cent improve over the identical interval final 12 months, in keeping with CNBC-TV18.
GST collections: The breakdown
The Central GST (CGST) assortment accounted for Rs 32,836 crore, State GST (SGST) for Rs 40,499 crore, Built-in GST (IGST) for Rs 47,783 crore, and Cess for Rs 11,471 crore.
Home transactions contributed Rs 1.32 lakh crore, up 8.4 per cent from the identical interval final 12 months, whereas GST income from imports rose 4 per cent to Rs 44,268 crore.
Refunds totalling Rs 22,490 crore had been issued through the month, marking a 31 per cent improve from December 2023. After accounting for refunds, the web GST assortment elevated by 3.3 per cent to Rs 1.54 lakh crore.
The December numbers comply with a better GST assortment of Rs 1.82 lakh crore in November, which recorded 8.5 per cent annual progress. April 2024 stays the all-time excessive for GST collections, with over Rs 2.10 lakh crore.
Latest developments round GST
The fifty fifth assembly of India’s Items and Companies Tax (GST) Council was held on December 21, 2024 in Jaisalmer, Rajasthan.
Vital consideration was given to addressing urgent financial points corresponding to meals inflation, unemployment, rural job creation, and sustaining capital expenditure momentum.
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fifty fifth GST Council assembly: 7 key takeaways from FM Nirmala Sitharaman’s deal with
A few of the key suggestions was to lift the GST price on outdated and used electrical autos, and on small petrol and diesel vehicles, from 12 per cent to 18 per cent.
A proposal to extend GST charges on high-end objects corresponding to luxurious wristwatches and footwear was made. That is anticipated to generate an extra Rs 22,000 crore yearly in income.
With inputs from businesses
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