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Punjab Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema chaired a review meeting of the Excise and Taxation department, where he directed officials to intensify efforts towards improving GST compliance in the service sector.
Over the years, GST has continued to remain the focal point in India’s economic discussions. Union Finance Minister Nirmala Sitharaman is expected to consider the GST figures this time as well, as she gears up to table the Union Budget 2024-25 in the Parliament on July 23.
GST collection in Puducherry by Central and State GST administrations stood at Rs.2,628 crore for the 2023-24 fiscal, N. Padmasri, Commissioner of GST and Central Excise, has said.
Revenues of India’s top 18 States are likely to grow by 8%-10% this fiscal year to about Rs.38 lakh crore, accelerating from a 7.5% uptick in 2023-24, largely aided by a rise in collections from the Goods and Services Tax (GST), rating agency CRISIL said on July 2.
The finance ministry may discontinue the practice of releasing a statement outlining GST collections data on the first day of every month, a source in the know of the matter said, adding that later on the earlier format of the statement, which was detailed, is likely to be replaced with a more succinct version.
After recording all-time high number in March, e-way bill generation dipped to 9.66 crore in April. This could have some impact on Goods and Services Tax (GST) collection number for May, which will be made public on June 1.
Maharashtra’s GST collection in the financial year 2023-24 has crossed the Rs. 3 lakh crore mark for the first time since the implementation of the Goods and Service Tax system.
The West Bengal state government registered an increase of Rs 3,000 crore in its GST (Goods and Services Tax) collection for the financial year (FY) 2023-24
Maharashtra, with a 19.6 per cent share in all-India GST collection in fiscal 2024 (April-February), is the top contributor to the GST pool, as per latest data on collections across Indian states, cementing its position as the country’s economic powerhouse. A Crisil report released on April 11 reveals that after Maharashtra, Karnataka was the second biggest contributor to the GST pool.