Confidant Classes for Career Consultancy and Coaching Classes

Share Post

Goods and Services Tax (GST) collections in December (for November sales) increased 11.6% year-on-year to Rs 1,15,174 crore, the highest level since the implementation of the indirect tax regime in July 2017.

  • The finance ministry said this was the strongest growth in monthly income in the past 21 months. “This is due to the combined effect of the rapid post-pandemic economic recovery and the national campaign against GST fraudsters and fake invoices as well as many systemic changes introduced recently, which have led to better compliance,” did he declare.
  • The trend so far: After the Covid-19 pandemic epidemic, GST revenue collection had declined and was at a lower level than the previous year. GST’s revenue collection remained in negative territory for the first five months of this fiscal year, with a record collection of Rs 32,172 crore in April, after the country was locked down following the Covid-19 pandemic.
  • With the opening of the economy and the resumption of economic activities, GST’s revenues started to rebound from September. December marked the fourth month in which GST revenue collection recorded year-over-year growth. The percentage increase is also partly helped by a weak base effect.
  • Reasons for the rebound: GST collections in December (for sales in November) were supported by an increase in holiday season sales due to Diwali in November as well as the rollout of new technology e-invoicing systems and measures against tax evaders.
  • Tax experts noted that the government should provide a breakdown of GST revenue collected through tax filing and collection campaigns by GST authorities to help assess the true picture of the scale. of economic recovery.
  • The proposed extension of electronic invoicing to all businesses will further prevent the leakage of GST revenue. Under GST laws, electronic invoicing of B2B transactions has become mandatory for companies with turnover exceeding Rs 500 million since October 1 of last year.
  • They have been informed that it will be rolled out to companies with turnover exceeding Rs 100 million from January 1 of this year and will likely roll out to all companies from April 1.
  • The electronic invoicing system is connected to a central portal which receives and validates invoices in real time and will eventually replace the electronic invoicing system.
  • It was seen as a major change to tackle tax evasion and plug leaks, which in turn may not even require an urgent deployment of the new GST tax reporting system that could have resulted in a new start for tax assessors under the indirect tax regime.
Challenge CAT 2024 Answer Key | Objection Deadline Ends December 5

Challenge CAT 2024 Answer Key | Objection Deadline Ends December 5

Challenge CAT 2024 Answer Key | Objection Deadline Ends December 5 The Indian Institute of Management (IIM) Calcutta will close…
Read More
CLAT 2025 Counselling Begins December 11 | Key Dates, Steps, and Seat Allotment Explained

CLAT 2025 Counselling Begins December 11 | Key Dates, Steps, and Seat Allotment Explained

CLAT 2025 Counselling Begins December 11 | Key Dates, Steps, and Seat Allotment Explained The Consortium of National Law Universities…
Read More
CLAT 2025 Answer Key Released: Key Details and How to Download

CLAT 2025 Answer Key Released: Key Details and How to Download

CLAT 2025 Answer Key Released: Key Details and How to Download The Consortium of National Law Universities (CNLU) has published…
Read More
CLAT UG, PG 2025 Exam Tomorrow | Last-Minute Strategies and Key Details

CLAT UG, PG 2025 Exam Tomorrow | Last-Minute Strategies and Key Details

The Common Law Admission Test (CLAT) 2025 is scheduled for December 1, 2024, offering students the opportunity to gain admission…
Read More
Registration for CLAT 2025 begins today; last date October 15

Registration for CLAT 2025 begins today; last date October 15

CLAT 2025: Candidates who wish to appear for the law entrance exam can apply on the official website: consortiumofnlus.ac.in CLAT-2025…
Read More
CLAT 2025 registration will begin on July 15

CLAT 2025 registration will begin on July 15

CLAT-2025 CLAT 2025: The CLAT 2025 registration will begin on July 15. The Common Law Admission Test (CLAT 2025) notification…
Read More
Delhi University 5 Year Law Programs Registration Begins

Delhi University 5 Year Law Programs Registration Begins

Delhi University has started the registration process for 5 year law programs. Candidates applying for the 5-year law programs can…
Read More
Bar Council of India proposes to hold CLAT and declares NLU Consortium a non-statutory body

Bar Council of India proposes to hold CLAT and declares NLU Consortium a non-statutory body

The Bar Council of India, in a supplementary affidavit filed before the Delhi High Court, proposed to conduct the Common…
Read More
DU UG 2023 Admissions Process Expected to Begin End of May

DU UG 2023 Admissions Process Expected to Begin End of May

Admissions for undergraduate and graduate programs will be by CSAS (UG) 2023 and CSAS (PG) 2023. Delhi University plans to…
Read More
CUET UG 2023 Participating Universities | Central University of Karnataka

CUET UG 2023 Participating Universities | Central University of Karnataka

The Central Karnataka University will start admission for its undergraduate programs from May 21 this year. Admission to these UG…
Read More

About Post Author