GST collection may cross 1 lakh crore for the first time in 8 months

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Looking at the spurt in economic activity and festive season, it is expected that this month the GST collection can reach beyond 1 lakh crore rupees. If this happens, then this can be good news for the central government.

For the first time in the last 8 months, item and service collection is expected to be more than one lakh crore rupees. Officials associated with GST said that this time GST collections (GST collections) can be more than one lakh crore rupees. Explain that GST is considered a barometer of economic health. According to the available data about the GST collection, it is being estimated that now an increase in GST is expected. Actually, after the lockdown opened, economic activity in the country has increased and business is becoming normal. In a media report quoting these officials, it has been said that domestic demand has increased due to the festival season and the market is seeing a boom.

Officials said that by filing GST Returns, the GST collection in October can exceed Rs 1 lakh crore. Taxpayers will file this through GST Form No. 3B (GSTR-3B). The last date for filing last month's return has been kept on 20 October. At the same time, an official said that more than 1.1 million GSTR-3B Returns were filed at this time last year, which is more than 485,000 till October 4 this year.

This time the boom in GST collection is good news for the central government because the government is taking a loan of Rs 1.1 lakh crore to compensate the GST of Rs 2.35 lakh for the states. Please tell that due to the Coronavirus epidemic, a lockdown was implemented from March 25 across the country. It lasted for 68 days. This lockdown had a severe impact on the services sector in the construction sector, as all services were temporarily shut down.

16 states get the first installment of GST compensation

The central government has transferred Rs 6,000 crore by taking loans to 16 states and two union territories as the first installment of GST compensation. The Finance Ministry gave this information on Friday. Last week, the Center accepted the demand of states ruled by opposition parties regarding GST compensation. Their demand was that the Center itself compensate the GST of the states by taking loans.

The Finance Ministry said that the Center will take loans in installments from the market to compensate the states for the reduction of Rs 1.1 lakh crore in GST. The Ministry said that the Government of India has arranged special loans to meet the shortfall in GST collections in 2020-21. A total of 21 states and two union territories have opted for this arrangement. The finance ministry will coordinate the loan. There is no shortage in the GST compensation item in five of these states.

According to the statement, this loan is taken at 5.19 percent interest and its duration is broadly for 3 to 5 years. The ministry said that it will release Rs 6,000 crore to the states every week. The Finance Ministry said that this arrangement will not affect the fiscal deficit of the Center and it will be displayed as the capital gain of the state governments.

If you need any help regarding  GST Registration in Rajasthan and GST Registration in Jaipur feel free to contact us on our Toll-Free number 918690746268, Our Business advisor will explain to you in detail.

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