GST again, earning from GST, next meeting of GST Council on January 18
According to the figures released by the Finance Ministry, till November 25, for the month of November, a total of Rs 80,808 crore was received as GST.
New Delhi: Silica of declining commodity and service tax, that is, GST, is continuing. The total earnings in Navbunder's month is about Rs 81 thousand crore.
GST was introduced from 1st July, making the entire country a tax-making system and service tax. Under this, a tax has been imposed by the 17 different types of indirect taxes and 23 types of cesses of the Central and the States. However the rate of tax is not one. Currently, different types of goods and services are taxed at the rate of 5, 12, 18 and 28 per cent, whereas for precious metals such as gold and silver there is a special rate of 3 per cent. At the same time, cess of 28 percent is also applied on motor vehicles and luxury goods.
GST is mainly divided into two parts, CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax). On the other hand, IGST (Integrated Goods and Services Tax) is levied on trade between two states. But keep in mind that IGST is not taxed separately and when IGST sounds, CGST and SGST is not separately installed on it. One more thing is that half of the revenue earned by GST goes to the Center and the rest of the states, while compensation from those states is compensated by earning from Ces, where earnings have come down after GST is implemented.
GST was introduced from 1st July, making the entire country a tax-making system and service tax. Under this, a tax has been imposed by the 17 different types of indirect taxes and 23 types of cesses of the Central and the States. However the rate of tax is not one. Currently, different types of goods and services are taxed at the rate of 5, 12, 18 and 28 per cent, whereas for precious metals such as gold and silver there is a special rate of 3 per cent. At the same time, cess of 28 percent is also applied on motor vehicles and luxury goods.
GST is mainly divided into two parts, CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax). On the other hand, IGST (Integrated Goods and Services Tax) is levied on trade between two states. But keep in mind that IGST is not taxed separately and when IGST sounds, CGST and SGST is not separately installed on it. One more thing is that half of the revenue earned by GST goes to the Center and the rest of the states, while compensation from those states is compensated by earning from Ces, where earnings have come down after GST is implemented.
November figures
According to the figures released by the Finance Ministry, till November 25, for the month of November, a total of Rs 80,808 crore was received as GST. In this, Rs 13,089 crore CGST and Rs 18,650 crore as SGST. In the case of IGST, Rs 41,270 crore was received, while Rs 7,798 crore was received as Cess (Vibrational). The Ministry has also informed that till December 25, the number of those registered with GST is close to 99 lakhs. Out of this, there are more than 1.6 million business people who have to file return returns every three months, while more than 53 lakh business people have received returns for the month of November till December 25.
Although the Ministry has not mentioned the reason for the fall in earnings, but the rates of GST reduced on more than two hundred items in the month of November. The highest reduction was in the 28 per cent area where the rates on 178 goods were reduced. Except exception, GST rates were reduced to 5% on all restaurants. Exception here means that the restaurants located in the hotel where the room rent is Rs.7 thousand or more, the GST rate for such restaurants is 18%. For all these reasons, it seems that the tax has reduced in earnings and it has increased the concern of the government. Now the eyes of the government are on merchants who have registered under GST, but are not filing returns. There is hope for action on such traders, traders.
According to the figures released by the Finance Ministry, till November 25, for the month of November, a total of Rs 80,808 crore was received as GST. In this, Rs 13,089 crore CGST and Rs 18,650 crore as SGST. In the case of IGST, Rs 41,270 crore was received, while Rs 7,798 crore was received as Cess (Vibrational). The Ministry has also informed that till December 25, the number of those registered with GST is close to 99 lakhs. Out of this, there are more than 1.6 million business people who have to file return returns every three months, while more than 53 lakh business people have received returns for the month of November till December 25.
Although the Ministry has not mentioned the reason for the fall in earnings, but the rates of GST reduced on more than two hundred items in the month of November. The highest reduction was in the 28 per cent area where the rates on 178 goods were reduced. Except exception, GST rates were reduced to 5% on all restaurants. Exception here means that the restaurants located in the hotel where the room rent is Rs.7 thousand or more, the GST rate for such restaurants is 18%. For all these reasons, it seems that the tax has reduced in earnings and it has increased the concern of the government. Now the eyes of the government are on merchants who have registered under GST, but are not filing returns. There is hope for action on such traders, traders.
Next meeting of GST Council
The next meeting of the council was called in Delhi on January 18. It is expected that in this meeting, there will be discussion about the decreasing earnings from GST. At the same time, there will be talks on suggestions for taking action to take action on the responsible people responsible for this decline. GST Council is a joint venture between the Center and the States which decides on GST rates, rules etc. The Council is headed by the Union Finance Minister, while the Finance Minister is Minority Minister of 29 States and 2 Union Territories (Delhi and Puducherry). So far all council decisions have been unanimous. Although there is a provision for voting, under which the Center has one-third and the states have two-thirds of the votes, whereas the decision will be three-fourths. In other words, neither the center nor the state will be able to make their own arbitrators together.
The next meeting of the council was called in Delhi on January 18. It is expected that in this meeting, there will be discussion about the decreasing earnings from GST. At the same time, there will be talks on suggestions for taking action to take action on the responsible people responsible for this decline. GST Council is a joint venture between the Center and the States which decides on GST rates, rules etc. The Council is headed by the Union Finance Minister, while the Finance Minister is Minority Minister of 29 States and 2 Union Territories (Delhi and Puducherry). So far all council decisions have been unanimous. Although there is a provision for voting, under which the Center has one-third and the states have two-thirds of the votes, whereas the decision will be three-fourths. In other words, neither the center nor the state will be able to make their own arbitrators together.
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