GST Collection on Health and Life Insurance Sees a Significant Surge The Goods and Services Tax (GST) collection from the health and life insurance sector has witnessed a remarkable rise, reflecting a growing demand for insurance products and increased financial inclusion. This development highlights the sector’s pivotal role in India’s economy and its importance for…
Surge in GST Collections: October Sees 8.9% Year-on-Year Growth In October 2024, India witnessed a notable surge in Goods and Services Tax (GST) collections, which reached a remarkable ₹1.87 lakh crore. This represents an 8.9% increase compared to the same month last year. The growth in GST revenue is indicative of the robust economic recovery…
Central Board of Indirect Taxes and Customs (CBIC): Overview, Establishment, Missions, and Functions Introduction to CBIC The Central Board of Indirect Taxes and Customs (CBIC) is a crucial institution in India responsible for administering indirect taxes, including Customs duties and Goods and Services Tax (GST). Established under the Central Board of Revenue Act, 1963, CBIC…
India’s August GST Collection Surges to ₹1.59 Trillion The Goods and Services Tax (GST) regime has been a crucial aspect of India’s fiscal landscape since its implementation in 2017. In the latest developments, India has witnessed a remarkable surge in its GST collections for the month of August, reaching an impressive ₹1.59 trillion. This news…
GST Revenues in India Hit Record High in April at ₹1.87 Lakh Crore In a piece of great news for the Indian economy, the Goods and Services Tax (GST) revenues for April 2023 touched a record high of ₹1.87 lakh crore. This revenue collection surpassed the previous month’s figure of ₹1.41 lakh crore by a…
GST revenue collection increases 13% to ₹1.60 lakh crore in March 2023 The Goods and Services Tax (GST) revenue collection in India has increased by 13% to ₹1.60 lakh crore in March 2023, according to the Ministry of Finance. The government’s efforts to curb tax evasion, streamline tax administration, and promote digital transactions have resulted…
GST revenue collection : GST Revenue Reached Second-Highest Mop-Up of Rs 1.56 Lakh Crore in January The Goods and Services Tax (GST) collection for the month of January 2022 reached a second-highest mop-up of Rs 1.56 lakh crore, according to the Ministry of Finance. The revenue collected in January is 11.6% higher than the revenue…
Union Budget 2023: GST Collection at Nearly Rs 1.56 Lakh Crore in January The Goods and Services Tax (GST) is an indirect tax that was introduced in India in 2017 to replace multiple indirect taxes. It has been one of the major sources of revenue for the central and state governments. The Union Budget 2023…
