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  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
oppn parties
GST Is No Longer Work In Progress

By Linus Garg
First publised on 2022-04-01 13:16:59

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

There is a contradiction in the Indian economy as demand for goods and services is still suppressed but the same is not reflected in GST collections. In March, all previous records were broken with a collection of Rs 142095cr. The previous high was Rs 140986cr in January this year. For the last six months, GST collections have been Rs 1.30 lakh crore or more. In FY 21-22, an average of Rs 1.10 lakh crore was collected in Q1, Rs 1.15 lakh crore in Q2, Rs 1.30 lakh crore in Q3 and Rs. 1.38 lakh crore in Q4. The highest GST was collected in Maharashtra. Among bigger states, West Bengal and Telangana were laggards, showing just 2% growth year-on-year in March 2022.

Last month, the breakup of collection was: CGST Rs 25830cr, SGST Rs 32378cr and IGST Rs 74470cr including Rs 39131 on imports. Rs 9417cr were collected as cess out of which Rs 981cr was on imports. The Centre also settled Rs 29,816 crore to CGST and Rs 25,032 crore to SGST from IGST as regular settlement. It also settled Rs 20000cr on ad-hoc basis in the ratio of 50:50 between Centre and states. A sum of Rs 18252cr was released to states/UTs as GST compensation.

A finance ministry press release said that efforts by the GST Council to rationalize the rate structure to correct inverted duty structure, along with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST collections. There is no doubt that the GST Council has plugged many loopholes and it has resulted in better compliance and better collections. The states have also become quieter since revenues are now much more and they are being adequately compensated. The GST Council has done well to take early and firm decisions to remove the work-in-progress tag from the one nation, one tax initiative and make it a service that is delivering excellent results, both in ease of doing business and in tax collections.

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