GST

January 24, 2025 9:30 PM

Natural gas, aviation fuel likely to come under GST: Hardeep Puri

Union Petroleum and Natural Gas Minister Hardeep Puri stated on Friday that there is an increasing consensus on bringing natural gas under the Goods and Services Tax (GST) regime. However, he refrained from specifying a timeline for this development. Addressing a press conference, Puri emphasized the progress made in LPG connections, citing the PM Ujjwala scheme. “LPG is 100 per cent saturated,” he said. On the issue of LPG being under GST, Pankaj Jain, Petroleum and Natural Gas Secretary, ...

January 2, 2025 5:12 PM

Indian economy in robust spot globally in 2025 with high frequency indicators picking up growth

As 2025 begins amidst heightened global uncertainties, India continues to be in a much stronger position with high-frequency indicators showing a pick-up in the pace of growth in the third quarter of the current fiscal (Q3 FY25), according to a report on Thursday. GST collections, services purchasing managers' index (PMI), air passenger growth, and vehicle registrations saw a notable improvement in Q3 versus Q2, according to a Bank of Baroda (BoB) report. On the other hand, in China, while the...

January 1, 2025 7:11 PM

GST collections reach ₹1.77 lakh crore in December 2024

India's Goods and Services Tax (GST) collections rose to ₹1.77 lakh crore in December 2024, a 7.3% increase compared to ₹1.65 lakh crore in December 2023, as per data released by the government. The breakdown of December's GST collections includes ₹32,836 crore from the Central GST, ₹40,499 crore from the State GST, ₹47,783 crore from the Integrated GST, and ₹11,471 crore from cess. Revenue from domestic transactions grew by 8.4% to ₹1.32 lakh crore, while tax collections from im...

November 1, 2024 4:42 PM

GST collections in October increase by 9% to Rs 1.87 lakh crore

Goods and Services Tax (GST) collections in October totaled Rs 1.87 lakh crore, reflecting a yearly increase of 8.9 percent, according to data released by the finance ministry on Friday. In October 2023, the total collection amounted to Rs 1.72 lakh crore. CGST, SGST, IGST, and cess all saw year-on-year increases in October, as indicated by the official data released today. So far in 2024, the total GST collection has increased by 9.4 percent, reaching Rs 12.74 lakh crore, compared to Rs 11.64 ...

October 18, 2024 8:59 PM

GoM to propose lower GST on insurance premiums and adjust tax slabs

The Group of Ministers (GoM) set up to suggest changes in GST rates will meet on Saturday, October 19, to discuss the rationalization of taxes, particularly on health and life insurance premiums. The meeting will also explore proposals to modify existing tax slabs to improve the GST framework. This will be the first meeting of the GoM formed to examine ways to lower the 18% GST rate currently applied to insurance premiums. Bihar’s Deputy Chief Minister, Samrat Choudhary, who heads the 13-memb...

July 13, 2024 12:42 PM

Robust net direct tax collection in FY25, (upto July 11) up 19.54 per cent

The net direct tax collection of the government registered a significant growth of 19.54 per cent in financial year 2024-25, amounting to Rs 5,74,357 crore by July 11, highlighted the data by the income tax department. Last year during the same period the net direct tax collection was Rs 4,80,458 crore. This represents a notable growth in direct tax collections over the one-year period. Moreover, the total refunds issued in FY 2024-25 amounted to Rs 70,902 crore, which represents a signifi...

May 1, 2024 4:34 PM

GST collection for April 2024 highest ever at Rs 2.1 lakh crore

Gross Goods and Services Tax (GST) collections surged to a record high of Rs 2.10 lakh crore in the month of April, registering a 12.4 per cent year-on-year growth. The Ministry of Finance attributed the rise in GST collection to a robust uptick in both domestic transactions, up by 13.4 per cent, and imports, which witnessed an 8.3 per cent spike. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 15.5 per cent growth compared...