Monthly GST Data Chart
Below is the GST Monthly Data chart:
Most Recent GST Data
Below is the most recent past 12 months GST Collections:
Monthly Trend of GST Collection
Below is the annual trend of GST Collection - latest month vs previous year's same month:
YTD Trend of GST Collection
Below is the YTD (Year-to-date) trend of GST Collection - current financial year vs previous financial year's:
Source: GST Council
Frequently Asked Questions (FAQs) About GST
1. What is GST?
GST, or Goods and Services Tax, is an indirect tax levied on the supply of goods and services in India. It is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
2. What are the different types of GST?
There are four types of GST:
- CGST: Central Goods and Services Tax, levied by the Central Government
- SGST: State Goods and Services Tax, levied by the State Governments
- IGST: Integrated Goods and Services Tax, levied on inter-state supply of goods and services
- UTGST: Union Territory Goods and Services Tax, levied in the Union Territories
3. How is GST calculated?
GST is calculated by applying the applicable GST rate to the transaction value of goods and services. The transaction value is the price actually paid or payable for the supply of goods and services.
4. What are the benefits of GST?
Some benefits of GST include:
- Elimination of the cascading effect of taxes
- Reduction in the overall tax burden
- Simplification of the tax structure
- Increase in compliance and revenue collection
5. What are Input Tax Credits (ITC) in GST?
Input Tax Credits (ITC) refer to the credit that a taxpayer can claim for the GST paid on purchases of goods and services, which can be used to offset the GST liability on sales.
6. Who needs to register for GST?
Businesses and individuals with an annual turnover exceeding the threshold limit specified by the GST law need to register for GST. The threshold limit varies for different states and types of businesses.
7. What is the due date for filing GST returns?
The due date for filing GST returns varies based on the type of return and the taxpayer's category. Generally, GSTR-3B is filed monthly, and GSTR-1 is filed quarterly or monthly based on turnover.
8. What are the penalties for non-compliance under GST?
Penalties for non-compliance under GST can include fines, interest on delayed payments, and even prosecution in severe cases. The specific penalties depend on the nature and severity of the non-compliance.
