Goods and services tax is a newly adopted Indian tax collection program using the data provider
GST Revenue Collection in India 2022
Goods and services tax is a newly adopted Indian tax collection program using the data provider. In this article, we have included the amendment of GST and its history of revenue collection and a few suggestions to implement GST to boost the Indian economy. GST is an indirect tax for the whole nation. GST is based on the consumption of goods and services across the nation. This is called a destination-based tax which means it is a tax in which people pay the tax for the goods or services consumed and not where they are produced.
History and Implementation of GST
- In 2006, the union minister of India announced GST during the 2006- 2007 budget session. There it was announced that the introduction of GST will be on 1st April 2010.
- In 2009, the first discussion paper about GST was released by the empowered committee.
- The 115th amendment Bill was introduced in 2011 and lapsed.
- 120-second amendment Bill was introduced in 2014 in Lok Sabha.
- In August 2016, the 101 amendment act was finally enacted.
- The first GST council meeting was conducted in September 2016.
- The GST Council recommended the formation of other types of GST. Central goods and services tax, state goods and services tax, integrated goods, and services tax, and union territory goods and services tax on March 2017
- The acts CGST, SGST, IGST, and UTGST were passed by the government in April 2017.
- On 1st July 2017 GST laws goods and services tax was launched all over the nation.
- Jammu and Kashmir state legislature passed its GST on 7th July 2017.
GST Revenue Collection for March 2022
In March the GST revenue collection was rupees 1,42,095 crore. This is the highest GST revenue collection and it has broken all the previous records the collections. With CGST of 25,830 crores, SGST of rupees 32,378 crores, IGST of rupees 74,470 crores, and CESS of 9417 crores the total GST revenue collection were rupees 1,42,095 crore. In the year 2022, the GST collection for March is 15% higher than the collection in the same last year. The revenues from import of goods were 25% high and revenues from domestic transactions were 11% higher than the revenues collected during the same month last year. In February 2022, 6.91 crore e-way bills were generated as compared to e-way bills generated in January.
In February 2022 rupees, 1,33,026 crore of GST revenue was collected. It is the third-highest revenue in the same financial year because the collection was 1.39 lakh crores in the financial year 2021 April and in January 2022 the revenue was 1.40 lakh crores. The total collection of GST revenue for February 2022 is 18% higher than the revenue collected in the same month of last year. The total revenue of February 2022 consists of CGST of rupees 24,435 crore SGST of rupees 30,779 crores IGST of rupees 67,471 crores and CESS of rupees 10,340 crores.
For January 2022, the GST collection is 15% higher than compared the same month of the last year. The total revenue collected in January 2022 is rupees 138 394 crores. In this total revenue CGST of rupees 24,674 crores SGST of rupees 32,016 crores, IGST of rupees 72,030 crores, and Cess of rupees 9,674 crores are included.
Suggestions for the better functioning of GST
Below given points are a few suggestions that can be implemented for the better functioning of GST.
1. Many people are not aware of how GST works and why GST exists government should make some awareness camps for the people to understand GST.
2. The government should make a clear decision on the rates of GST. There is a lot of confusion among the citizens about GST rates.
3. Government should make the people aware of the roles of taxpayers and why paying taxes is important.
Implementation of goods and services tax is one of the best decisions government has taken to help the country grow economically. GST is a one-way part through which the revenue of the whole country is collected in one place. The government has implemented the GST for the smooth functioning of revenue collection in the country without any confusion among the common people. Every program has some other loopholes which can be corrected with time. There are still many people who do not understand the concept of GST which needs to be a topic of concern. This program is made for the people of the country to understand about the state concerning taxes, government should make some programs to make the people understand how GST works.
© 2022 Anil Kumar