Goods and Service Tax Current Affairs - 2020

GST Revenue Collection Improves significantly in the month of June 2020

Rs 90,917 crore is the gross GST (Goods and Services Tax) revenue collected in the month of June 2020. The amount Rs 90,917 crores is 91 percent of GST revenue collected in the month of June in 2019. Breakdown of GST Revenue Collection for June 2020 Central GST (CGST): Rs 18,980 crore State GST (SGST): Read More…

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Government approves Monthly Pension Scheme for Traders

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved Rs.3000 monthly pension scheme for small retail traders and shopkeepers after they attain the age of 60 years. Salient Features of Scheme About: Under the scheme all small shopkeepers, retail traders and self-employed persons are assured a minimum of Rs.3,000 monthly pension after Read More…

GST Revenue Touches Record High in March

The statement from the Finance Ministry states that GST collections scaled to a record high of Rs 1.06 trillion in March. The revenue collection was Rs 97,247 crore in the month of February. Record Revenue Mobilisation The record revenue collection was attributed to increased compliance and increase in the number of returns filed. Total gross GST revenue Read More…

RBI Governor bats for Permanent Status to Finance Commission

Reserve Bank of India (RBI) governor Shaktikanta Das called for permanent status to Finance Commission.  RBI Governor Shaktikanta Das is also the member of the fifteenth finance commission. Necessity of the Permanent Status The permanent status will ensure consistencies between finance commissions so that there is some certainty in the flow of funds to states. Read More…

GST collection increases to one lakh crore in January

The data from the Ministry of Finance shows that goods and services tax collections stood at Rs. 1,02,503 crore in the month of January. Of the Rs. 1,02,503 crore GST revenue, Central GST is Rs 17,763 crore, State GST (SGST) is Rs 24,826 crore, Integrated GST (IGST) is Rs 51,225 crore (including Rs. 24,065 crore collected on imports) and Cess Read More…