UGC Approved Journal no 63975(19)

ISSN: 2349-5162 | ESTD Year : 2014
Call for Paper
Volume 11 | Issue 11 | November 2024

JETIREXPLORE- Search Thousands of research papers



WhatsApp Contact
Click Here

Published in:

Volume 10 Issue 1
January-2023
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

7.95 impact factor calculated by Google scholar

Unique Identifier

Published Paper ID:
JETIR2301648


Registration ID:
529581

Page Number

g381-g398

Share This Article


Jetir RMS

Title

The Goods and Services Tax (GST) In India

Authors

Abstract

Abstract: The GST system follows a dual structure, comprising Central GST (CGST) and State GST (SGST), levied concurrently by the Central and State governments, respectively. Additionally, an Integrated GST (IGST) is levied on interstate supplies and imports, which is collected by the Central Government but apportioned to the destination state. In terms of revenue distribution, the GST Council plays a crucial role. It is a joint forum consisting of the Union Finance Minister and representatives from all States and Union Territories. The Council makes decisions on various aspects of GST, including tax rates, exemptions, and revenue sharing between the Central and State Governments. Except for one decision, all decisions of the Council were taken by consensus. To ensure a smooth transition to the GST regime and address any revenue losses incurred by the States, a compensation mechanism was established. The Central Government was committed to providing compensation to the States for any revenue shortfall during the initial years of GST implementation. This compensation was meant to bridge the gap between the expected revenue growth and the actual revenue collected by the States. It has fostered greater coordination, reduced tax barriers, and streamlined the tax system, leading to improved efficiency and competitiveness in the Indian economy. ₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth Monthly GST revenues more than ₹1.4 lakh crore for 14 months in a row, with ₹1.5 lakh crore crossed for the 5th time since inception of GST Revenue from import of goods 12% higher Y-o-Y; Domestic transactions (including import of services) revenue 11% higher Y-o-Y Posted On: 01 JUN 2023 4:32PM by PIB Delhi The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST is ₹81,363 crore (including ₹41,772 crore collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collected on import of goods). The government has settled ₹35,369 crore to CGST and ₹29,769 crore to SGST from IGST. The total revenue of Centre and the States in the month of May 2023 after regular settlement is ₹63,780 crore for CGST and ₹65,597 crore for the SGST. The revenues for the month of May 2023 are 12% higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 12% higher and the revenues from domestic transactions (including import of services) are 11% higher than the revenues from these sources during the same month last year. The chart below shows trends in monthly gross GST revenues during the current year.

Key Words

Key words: tax, indirect tax, goods and services tax (GST), taxation reforms, Indian taxation system, GST Council

Cite This Article

" The Goods and Services Tax (GST) In India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 1, page no.g381-g398, January-2023, Available :http://www.jetir.org/papers/JETIR2301648.pdf

ISSN


2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

" The Goods and Services Tax (GST) In India", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 1, page no. ppg381-g398, January-2023, Available at : http://www.jetir.org/papers/JETIR2301648.pdf

Publication Details

Published Paper ID: JETIR2301648
Registration ID: 529581
Published In: Volume 10 | Issue 1 | Year January-2023
DOI (Digital Object Identifier):
Page No: g381-g398
Country: Meerut, UP, India .
Area: Arts
ISSN Number: 2349-5162
Publisher: IJ Publication


Preview This Article


Downlaod

Click here for Article Preview

Download PDF

Downloads

00097

Print This Page

Current Call For Paper

Jetir RMS