GST Collection Increased
Gross Goods and Services Tax (GST) collections hit ₹1,31,526 crore in November, the second highest since the GST was implemented in July 2017 and the second month in a row that collections have crossed ₹1.3 lakh crore.
- Revenues for November were 25% higher than the same month last year and 27% over the pre-pandemic levels of 2019-20. Tax collections from the import of goods were 43% higher, while revenues from domestic transactions, including import of services, were 20% higher, than their respective collections in November 2020.
Goods and Services Tax (GST)
It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax.
Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.
Different Types of GST:
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