The goods and services tax collections in December have reached the highest ever level of Rs 1.15 lakh crore. On the first day of the new year, the government has given this good news to the country.
The year 2020 has given a very good figure for its go-to economy. The goods and services tax (GST) collection in December has reached the highest ever level of Rs 1.15 lakh crore. On the first day of the new year, the government has given this good news to the country.
Economy on track!
This is a sign that the economy is fast-tracked after the lockdown opens. According to data released by the Finance Ministry on Friday, the country’s GST revenue collection in December was Rs 1,15,174 crore. This is the highest ever monthly collection of the entire history of GST.
1.15 lakh crore crosses for the first time
For the first time, the GST figure has crossed 1.15 lakh crore. The highest GST collection was Rs 1,13,866 crore in April 2019. The central government’s GST collection was Rs 21,365 crore and the state’s GST i.e. SGST was Rs 27,804 crore.
Similarly, the total integrated GST (IGST) was Rs 57,426 crore, with a cess of Rs 8,579 crore. A total of 87 lakh GSTR-3B returns have been filed for the month of November.
The finance ministry said that the government has paid Rs 23,276 crore to CGST and Rs 17,681 to SGST under regular settlement. Thus, the total GST revenue of the Centre and states in December was Rs 44,641 crore and Rs 45,485 crore respectively.
12 per cent lead
The GST collection for December 2020 has increased by about 12 percent as compared to December 2019. In the meantime, imports have increased GST by 27 percent and domestic transactions by 8 percent.
There was also an edge in November
Earlier in November, there was good news for the government on the economic front amid the Corona crisis for the second consecutive month. The collection of Goods and Services Tax (GST) reached Rs 1,04,963 crore in November.
In fact, after the lockdown opened, government efforts to bail out the economy. Earlier in October, GST collection was Rs 1,05,155 crore, a pre-December record for this fiscal.
Prime Minister Narendra Modi has launched a new special platform for honest textiles. This platform is named ‘Transparent Taxation: Honouring the Hottest’. Speaking on the occasion, PM Modi referred to major reforms like the textiles charter. But the question is what happens to these textiles charters. Let’s understand.
What is the Textiles Charter
If understood in easy language, the charter will be a kind of list with some instructions for tax authorities, apart from the right and duty of textiles. It will try to enhance the trust between taxpayers and income tax departments. The charter will provide for reducing the hassle of textiles and fixing the accountability of income tax officers.
It is currently applicable only in three countries of the world- the USA, Canada, and Australia. Some of the textiles charters in force in these countries are common. For example, unless it is proved that the taxpayer has committed tax evasion or manipulation, he will have to be considered an honest taxpayer. This means that there will be no undue pressure by sending notices.
Similarly, tax authorities have the responsibility to address taxpayers’ problems at the earliest. The meaning will not be any kind of procrastination. The authorities are given a chance to scrap once an order is issued against the textiles. Presenting the General Budget in February last month, Finance Minister Nirmala Sitharaman spoke of the Textiles Charter for the first time.