Maharashtra tops in GST collection in first five months
Maharashtra and Uttar Pradesh are top contributors among states and Union Territories in the first five months since the rollout of the Goods and Services Tax (GST) regime in July 1, 2017. The data was revealed by Minister of State (MoS) for Finance Shiv Pratap Shukla in reply to a question in Lok Sabha.
State GST (SGST) collections: Maharashtra tops SGST collections with Rs 18,701 crore. Tamil Nadu is at the second spot with Rs 8,739 crore collection followed by Karnataka and Gujarat with SGST collections of Rs 7,736 crore and Rs 7,375 crore, respectively.
Cess Collection: Maharashtra garnered Rs 3,702 crore and Uttar Pradesh collected Rs 3,549 crore through cess levied on sin and luxury goods. Karnataka ranks third with cess collection of Rs 3,110 crore, followed by Chhattisgarh that raised Rs 2,288 crore as cess. The Central Government has garnered Rs 30,224 crore as cess from July November 2017 period.
Total Collection: In July November 2017 period, government has garnered Rs 30,224 crore as cess. about Rs 59,048 crore as Central GST (CGST) and Rs 87,888 crore as SGST.
Integrated GST (IGST): Rs 1.91 lakh crore has been collected as IGST. Out of the total IGST collection, Rs 90,038 crore has been collected through imports.
The GST regime implemented from July 1, 2017 has tax four slabs of 0, 5, 12, 18 and 28%. Additional cess ranging from 1 to 290% is levied over and above highest tax rate of 28% on sin and luxury goods such as tobacco, cigarettes and luxury cars. The amount collected through cess flows into compensation fund, which is used to compensate states for revenue losses on account of implementation of GST.
As per Section 7 of GST (Compensation to States) Act, 2017, states and UTs with legislatures have to be compensated for revenue losses arising out of implementation of GST during five-year transition period for new indirect tax regime beginning from date on which SGST Act of concerned state has come into force.
Categories: Governance & Politics