GET Stock QuotesNews18 APP
News18 English

Madhya Pradesh

Rajasthan

Poll in 1 seat deferred

Chhattisgarh

Telangana

Mizoram

»
1-min read

Monthly GST Collection up by 7% After two Consecutive Dips

The 25th GST Council meet on Thursday, recommended rate cuts on 49 items, including zero percent on 29 handicraft products, with its main focus on easing return filing processes.

Rounak Kumar Gunjan | News18.com@Rounak_T

Updated:January 25, 2018, 5:42 PM IST
facebookTwittergoogleskypewhatsapp
Monthly GST Collection up by 7% After two Consecutive Dips
Collections have risen by 7% from November's revenue of Rs 808,080 crore.
Loading...
New Delhi: Revenue collection under goods and services tax (GST) for the month of December 2017 was recorded to be Rs 867, 000 crore till 24th January 2018.

Collections have risen by 7% from November's revenue of Rs 808,080 crore. Ten million taxpayers registered under GST till 24 January, 2018.

The 25th GST Council meet on Thursday, recommended rate cuts on 49 items, including zero percent on 29 handicraft products, with its main focus on easing return filing processes.

Finance Minister Arun Jaitley informed that the GST council will be meeting again via video conferencing before the Budget to finalise on the new return filing model presented by Nandan Nilekani, co-founder Infosys.

The Council did not reach a consensus regarding the new model and is likely to discuss the issues within states. The E-way bill, which is scheduled to be rolled from February 1 in the budget session of the Parliament, was also discussed.

IGST credit worth Rs 35,000 crore will be passed on to states to improve liquidity. The Council also decided to keep GSTR 3B.

The numbers come at a time when GST collections have come down. GST collections slipped for the second consecutive month to Rs 80,808 crore in November, down from over Rs 83,000 crore in the preceding month. The collections fell after the Council cut rates on as many as 178 items.

The GST Council on December 16 approved mandatory compliance of the E-Way Bill for the inter-state movement from February 1 to curb tax evasion, the trial run for which started on Monday.

In the 23rd GST Council meeting in November tax rates on over 200 items, ranging from chewing gum to chocolates, to beauty products, wigs and wrist watches, were cut to provide relief to consumers and businesses amid the economic slowdown.

178 items of daily use were shifted from the top tax bracket of 28% to 18%, while a uniform 5% tax was prescribed for all restaurants, both air-conditioned and non-AC.
(Get detailed and live results of each and every seat of the state Assemblies in Madhya Pradesh, Rajasthan, Telangana, Chhattisgarh and Mizoram to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you put on the psephologist's hat. Know interesting facts and trivia about the elections. Elections = News18)
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 185.80 4.47
Reliance 1,093.70 -0.35
Kotak Mahindra 1,236.40 1.45
Sun Pharma 428.10 1.37
Dr Reddys Labs 2,563.80 -5.61
Company Price Change %Gain
ICICI Bank 347.05 1.25
Yes Bank 185.65 4.65
Reliance 1,093.60 -0.24
Bajaj Finance 2,480.50 2.02
Sun Pharma 427.50 1.35
Top Gainers
Company Price Change %Gain
Hero Motocorp 3,212.50 5.72
Tata Motors 165.30 4.55
Yes Bank 185.80 4.47
Indiabulls Hsg 717.80 3.59
Bajaj Auto 2,833.05 3.41
Company Price Change %Gain
Hero Motocorp 3,212.20 5.82
Yes Bank 185.65 4.65
Tata Motors 165.15 4.39
Bajaj Auto 2,834.95 3.25
Tata Steel 517.45 3.16
Top Losers
Company Price Change %Gain
Dr Reddys Labs 2,565.00 -5.56
Titan Company 922.55 -1.14
HPCL 217.90 -1.00
Bharti Infratel 251.15 -0.79
Reliance 1,093.35 -0.38
Company Price Change %Gain
Reliance 1,093.60 -0.24
Infosys 673.85 -0.06

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results