Business news, strategy, finance and business insights

The government claims to have settled ₹29,524 crore to CGST and ₹25,119 crore to SGST from IGST. The total revenue of Center and States as of August 2022 after regular settlement is ₹54,234 crore for CGST and ₹56,070 crore for SGST.

During the month, income from the import of goods increased by 57% and income from domestic transactions (including the import of services) is 19% higher than income from these sources during the same month. last year, the ministry said.

GST revenue growth through August 2022 over the same period last year is 33%, continuing to show very strong strength. “This is a clear impact of the various measures taken by the Council in the past to ensure better compliance. Better reporting associated with the economic recovery has had a positive impact on GST revenues consistently,” the ministry said.

In July 2022, e-mail bills of 7.6 crore were generated, which was slightly higher than 7.4 crore in June 2022 and 19% higher than 6.4 crore in June 2021, it adds.

In July, essential food items like atta, paneer, curd, rice, oats, organic food, pulses and bread were placed under the 5% GST slab. In addition, hospital rooms with rent above ₹5,000 and ostomy appliances also attract 5% GST. Those staying in hotels also have to pay more as the GST Board has implemented a 12% tax on hotel rooms offering rates of up to ₹1,000 per day.

Items like charts and maps (atlases) are also taxed at 12% now. The government has also decided to charge 18% GST on tetra packs and on checks issued by banks. However, later Finance Minister Nirmala Sitharaman clarified that items like rice, pulses, wheat, flour, oats, corn and curds will incur no GST when sold in bulk.

About Elizabeth Smith

Check Also

INTERVAL INTERNATIONAL WELCOMES CLUB MUNDO IMPERIAL AND THREE HISTORIC ACAPULCO PROPERTIES TO ITS EXCHANGE NETWORK

MIAMI, September 19, 2022 /PRNewswire/ — Interval International, a leading global provider of vacation services, …