GST Collection: Government’s bag filled with GST, revenue increased by 11 percent as GDP increased
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GST Collection: There has been a jump of about 11 percent in the GST collection of the Government of India. The GST revenue of the government has increased by 11 percent on an annual basis in August 2023. Revenue Secretary Sanjay Malhotra said that in August 2022, Rs 1,43,612 crore was collected from the Goods and Services Tax (GST). Broadly, it has increased by 11 percent on an annual basis. With this 11 per cent increase, roughly the collection would be around Rs 1.60 lakh crore. He was replying to a question on expected GST revenue for August, the figure of which will be released by Friday evening. The economic growth rate (GDP) was 7.8 percent in the April-June quarter. He said that GST revenue has increased by more than 11 percent in the June quarter. This means that the tax – GDP ratio is more than 1.3.
Government launched GST award scheme
The GST Rewards Scheme ‘My Bill, My Right’ was launched in six states and union territories on Friday. The Center and the states have earmarked a fund of Rs 30 crore for the prize money in the current financial year. Haryana Deputy Chief Minister Dushyant Chautala said that the mobile app for the scheme has been downloaded by more than 50,000 people so far. Revenue Secretary Sanjay Malhotra said that the ‘My Bill, My Right’ GST lucky draw is being started on a pilot basis in six states and the prize money will be contributed equally by the Center and the states. Citizens, customers and governments have benefited from GST. The revenue is increasing every month and the Center and the States have come together to ensure that the tax rates under GST are low. He said that today the average GST rate is 12 per cent, while it was estimated to be 15 per cent at the time of its launch.
GST collection reached Rs 1.60 lakh crore
The average GST collection every month in the current financial year has been Rs 1.60 lakh crore. The government on Friday launched the ‘My Bill, My Right’ scheme on a pilot basis in the states of Assam, Gujarat and Haryana and the Union Territories of Puducherry, Dadra Nagar Haveli and Daman-Diu from September 1. Under this scheme, there will be 810 lucky draws every month. There will be two bumper lucky draws in every quarter. Customers can join the scheme by uploading their GST bills through the app and win prizes through lucky draws. In the monthly draw, 800 people will be given a prize of Rs 10,000 and 10 people will be given a prize of Rs 10 lakh. There will be a bumper draw of Rs 1 crore every quarter.
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