look news india
GST collection in August: Revenue in the central government's treasury has increased. The reason behind this is the continuous increase in GST collection. Goods and Services Tax (GST) collection increased by 10 percent year-on-year in August. In August, the government has collected Rs. 1.75 lakh crore. Which is 10 percent more than last year's Rs. 1.59 lakh crore. However, GST collection has decreased on a monthly basis compared to the previous month. In July, Rs. 1.82 lakh crore revenue was received under GST.
GST collection increased in five months
GST collection in the first five months of the year has risen by 10.1 percent to Rs. 9.14 lakh crore. Domestic revenue rose by 9.2 percent to Rs. 1.25 lakh crore, while export revenue rose by 12.1 percent to Rs. 49,976 crore.
Rs. 24 thousand crore refund announced
In August, the IT department of the central government issued a refund of Rs. 24460 crore. Which is an increase of 38 percent year-on-year. After adjusting for refunds, net domestic revenue increased by 4.9 percent to Rs 1.11 lakh crore. While IGST collection has increased by 11.2 percent. After adjusting for refunds, net GST revenue increased by 6.5 percent last month to Rs. 1.5 lakh crore.
The next meeting of the GST Council is on September 9.
The next meeting of the GST Council is expected to be held on September 9. In which a decision can be taken regarding GST on life insurance. The government is considering giving concessions in term life insurance. At present, 18 percent GST is levied on it.
