look news india
GST collection in the first five months of the year rose 10.1 per cent to Rs 9.14 lakh crore. Local revenue rose 9.2 per cent to Rs 1.25 lakh crore this month compared to last year, while import revenue rose 12.1 per cent to Rs 49,976 crore.
Refunds worth Rs 24,460 crore were issued in August, up 38 per cent year-on-year. After adjusting for refunds, net domestic revenue grew only 4.9 per cent to Rs 1.11 lakh crore, while IGST revenue grew 11.2 per cent. After adjusting for refunds, net GST revenue grew 6.5 per cent to Rs 1.5 lakh crore last month.
Net domestic revenue rose 14.4 per cent to Rs 1.66 lakh crore last month. The total amount of refunds was Rs 24,460 crore, of which 58 per cent were domestic refunds, while earlier refunds were from exporters. Net GST revenue till August stood at Rs 8.07 lakh crore, up 10.2 per cent from last year.
According to Moneycontrol's analysis, the GST Council is likely to meet on September 9, in which decisions are likely to be taken on GST on life insurance. The government is considering exempting term life insurance, which currently attracts 18 per cent GST, while GST on investment-linked insurance plans will remain unchanged.