ZCZC
BCN- 15
INDIA-TAX-COLLECTION
Total tax collected in India during November amounted 14.7 bln USD
NEW DELHI, Dec. 2, 2018 (BSS/Xinhua) – The Goods and Services Tax (GST)
collected in India during the month November aggregated around 97,637 crore
Indian Rupees (approximately 14.7 billion U.S. dollars), said official data
released by the country’s Finance Ministry on Saturday.
Out of the total amount, 16,812 crore Indian Rupees (around 2.5 billion
U.S. dollars) was Central GST, i.e. collected by the central government,
23,070 crore Indian Rupees (around 3.5 billion U.S. dollars) was States GST,
i.e. collected by all the states, and 49,726 crore Indian Rupees (around 7.5
billion U.S. dollars) was IGST or Integrated GST which is levied by Central
Government on inter-State supply of goods and services.
The IGST included 24,133 crore Indian Rupees (around 3.6 billion U.S.
dollars) collected on imports.
Besides, 8,031 crore Indian Rupees (around 1.2 billion U.S. dollars) was
collected in the form of Cess, which included 842 crore Indian Rupees (around
126 million U.S. dollars) collected on imports.
The official data added that around seven million GST returns were filed
for the month of October up to November 30.
GST is an indirect tax which has replaced many indirect taxes in India.
The GST Act was passed in the parliament in March 2017, and came into effect
on July 1 the same year. GST law in India is a comprehensive, multi-stage,
destination-based tax that is levied on every value addition.
In simple words, GST is an indirect tax levied on the supply of goods and
services. This law has replaced many indirect tax laws that previously
existed in India. Dubbed as one of the major policy decisions taken by the
present day Narendra Modi government, it aimed at simplifying the tax
structure in the country and also expand its base.
BSS/XINHUA/HR/1455