Context: GST revenues during the month of March, 2020 from domestic transactions has shown a negative growth of 4% over the revenue during the month of March, 2019.
More about the recent GST trend:
- Monthly comparison:
- Taking into account the GST collected from import of goods, the total revenue during March, 2020 has also decreased by 8% in comparison to the revenue during March, 2019.
- During this month, the GST on import of goods has shown a negative growth of (-) 23% as compared to March, 2019.
- Yearly Trends:
- For the full financial year, 2019-20, the GST for domestic transactions has shown a growth rate of 8% over the revenues during last year.
- During the year, GST from import on goods fell down by 8% as compared to last year. Overall, gross GST revenues grew at 4% over the last year’s GST revenue.
Basic details About GST
- GST is an Indirect Tax which has replaced many Indirect Taxes in India.
- The Goods and Service Tax Act was passed in the Parliament on 29th March 2017.The Act came into effect on 1st July 2017.
- Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
- In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services.
- Components in GST