The April 2024 GST newsletter highlights a record GST collection of ₹2.10 lakh crore, a 12.4% year-on-year increase, driven by a rise in domestic transactions and imports. After refunds, the net GST revenue stands at ₹1.92 lakh crore. Key components include ₹43,846 crore from CGST, ₹53,538 crore from SGST, and ₹99,623 crore from IGST.
Notifications include waivers of interest, extension of implementation timelines, and extended filing dates for GSTR-1. State coordination meetings across various states aimed at enhancing tax administration and compliance were conducted. Portal updates address GSTR-1 filing issues, auto-populating HSN summaries, and advisory on e-invoicing for taxpayers exceeding ₹5 crores turnover.
Record GST collections for April 2024 reached ₹2.10 lakh crore, a 12.4% year-on-year increase.
Breakdown:
CGST: ₹43,846 crore
SGST: ₹53,538 crore
IGST: ₹99,623 crore (₹37,826 crore from imports)
Cess: ₹13,260 crore (₹1,008 crore from imports)
Net GST revenue post-refunds: ₹1.92 lakh crore, up by 15.5%.
Extension of GSTR-1 due date to 12th April 2024 due to technical issues.
Auto-population of HSN-wise summary from e-Invoices into Table 12 of GSTR-1.
Advisory on resetting and re-filing GSTR-3B for certain taxpayers due to discrepancies.
State coordination meetings in Sikkim, West Bengal, Karnataka, Odisha, Bihar, Jharkhand, and Telangana to enhance tax administration and compliance.
Insight on the writ of mandamus, its application, limitations, and key cases.
Welcome to Mr. Shiva Goyal, Consultant.
Farewell to Ms. Subhaga Ann Varghese and Mr. Seikholen Haokip.
Source: https://gstcouncil.gov.in/gst-newsletter
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