Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
The Gross Good and Services Tax (GST) revenue for March 2024 marked a 11.5 per cent year-on-year growth witnessing the second highest collection ever, data from the Ministry of Finance said on Monday.
This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent. GST revenue net of refunds for March 2024 is Rs 1.65 lakh crore which is growth of 18.4% over same period last year, the data said.
Giving the breakage of the GST collection for March, the government data said the Central Goods and Services Tax (CGST) was at Rs 34,532 crore, State Goods and Services Tax (SGST) at Rs 43,746 crore, Integrated Goods and Services Tax (IGST) at Rs 87,947 crore, including Rs 40,322 crore collected on imported goods.
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While the Cess was at Rs 12,259 crore, including Rs 996 crore collected on imported goods.
In March, the Central Government settled Rs 43,264 crore to CGST and Rs 37,704 crore to SGST from the IGST collected. This translates to a total revenue of Rs 77,796 crore for CGST and Rs 81,450 crore for SGST after regular settlement.
Notably, the data also highlighted the overall GST collection for the Financial Year 2023-24 saying the year marked a milestone with total gross GST collection of Rs 20.14 lakh crore.
This has exceeded the Rs 20 lakh crore mark with a 11.7% increase compared to the previous year.
The average monthly collection for this fiscal year stands at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.
GST revenue net of refunds as of March 2024 for the current fiscal year is Rs 18.01 lakh crore which is a growth of 13.4% over same period last year.
For FY 2023-24, the central government settled Rs 4,87,039 crore to CGST and Rs 4,12,028 crore to SGST from the IGST collected.
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