Uttar Pradesh has recorded impressive consumer spending trends, with a 15% growth in Goods and Services Tax (GST) revenue until November, surpassing the national average of 13%. This growth brought U.P. closer to economically advanced states like Maharashtra and Gujarat.
Growth in Gross Goods and Services Tax (GST) revenues slowed to 8.5% in November from 8.9% in October, with the indirect tax receipts easing to a little over ₹1.82 lakh crore from ₹1.87 lakh crore in the previous month.
About 70-75 per cent of GST revenues collected in 2023-24 fiscal year came from the 18 per cent slab, while just 5-6 per cent came from the 12 per cent bracket, Parliament was informed on Monday. Only 6-8 per cent of the FY24 goods and services tax (GST) revenues were from the 5 per cent slab, while the highest tax slab of 28 per cent contributed 13-15 per cent to the revenues in the last fiscal year.
Delhi’s earnings through motor vehicle tax and goods and services tax in the first six months of the 2024-25 financial year tax revenue were not very “encouraging” sources in govt said.
The latest GST figures for Andhra Pradesh and Telangana shows a lacklustre scenario for the Telugu States. Both states have exhibited lower growth rates compared to other southern states in terms of GST collections in Aug.
Growth in GST collections slowed to a three-year low in June, with revenues rising about 7.74% to about Rs.1.74 lakh crore from Rs.1,61,497 crore collected in the year-earlier period, according to numbers shared informally by officials.
The Tax Research Unit set up by the Commercial Taxes Department has helped Tamil Nadu recover Rs.1,523.95 crore under the Integrated Goods and Services Tax (IGST).
Goods & Services Tax (GST) collections during the month of May 2024 came in at Rs 1.73 lakh crore, recording a growth of 10 per cent on-year, according to the latest data released by the Ministry of Finance on Saturday.
The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs.1.73 lakh crore.
After India’s goods and services tax (GST) collections touched record high-mark at Rs. 2.10 lakh crore in April, 2024, Arvind Subramanian, former Chief Economic Adviser (CEA) to the central government has now highlighted that the despite the high collections, GST revenue for fiscal 2023-24 (FY24) has still not surpassed the pre-GST level.
