Home FINANCE GST collections rise 6.5 per cent to Rs 1.73 lakh crore in...

GST collections rise 6.5 per cent to Rs 1.73 lakh crore in September – India TV

31
0
Image Source : FILE PHOTO Representative image

GST collections: The gross collection of Goods and Services Tax (GST) in the month of September increased by 6.5 percent year-on-year to around Rs 1.73 lakh crore, according to government data released on Tuesday. GST revenue in September last year was Rs 1.63 lakh crore. In August 2024, the mop-up was Rs 1.75 lakh crore.

According to official data, domestic tax revenue grew by 5.9 per cent to around Rs 1.27 lakh crore in September. 

At the same time, revenue from the import of goods increased by 8 per cent to Rs 45,390 crore. During the period under review, refunds of Rs 20,458 crore were issued by the GST department, which is 31 per cent more than the same period a year ago. After adjusting the refund amount, the net GST revenue stood at Rs 1.53 lakh crore in September. This is 3.9 per cent more than the same period last year.

GST anti-profiteering system will not be effective from April 1 

GST anti-profiteering system will not be effective from April 1, 2025. The GST policy cell of the government said in another notification that from October 1, all pending complaints under anti-profiteering provisions will be settled by the Principal Bench of the GST Appellate Tribunal (GSTAT) instead of the Competition Commission of India (CCI). These notifications are in line with the recommendations of the GST Council. The Council in its 53rd meeting on June 22 recommended amendments to Section 171 and Section 109 of the Central GST Act, 2017 to abolish the anti-profiteering provision under GST and to have anti-profiteering cases heard by the Principal Bench of the GST Appellate Tribunal.

The council had also recommended a last date of April 1, 2025, for receipt of any new anti-profiteering application. The notification by the GST policy cell means that consumers will not be able to file complaints about profiteering against companies not passing on the benefit of GST rate cuts from April 1, 2025. However, complaints filed before April 1, 2025 will be heard by the principal bench of the GST Appellate Tribunal till such time as they reach a final conclusion.

Also Read: PPF vs VPF: Understand differences and know which one offers higher return on investment

Also Read: 7th Pay Commission: 4% DA hike announced for govt employees of this state ahead of Dussehra

LEAVE A REPLY

Please enter your comment!
Please enter your name here