India has crossed another milestone in the collection of Goods and Services Tax (GST). In August this year, the GST collection increased by 30 per cent to Rs 1.12 lakh crore. Of this, CGST was Rs 20,522 crore, SGST was Rs 26,065 crore and IGST was Rs 56,247 crore. Similarly, Rs 26,884 crore came from GST imports.
A statement from the Ministry of Finance said that the GST revenue has increased by 30 per cent this year compared to last year. The GST, which was only collected in August, shows that the country’s finances are rapidly returning to track. Earlier in July, GST collection increased by 33 per cent to Rs 1.16 lakh crore. Similarly, in June, Rs 92,849 crore was collected as goods and services tax.
Similarly, for those who are late in paying the GST, they have launched a plan to waive the delay. As a result, the deadline for GST collection has been extended from August 31 to November 30. The deadline to apply for cancellation of registration has been extended to September 30. The deadline for applications for cancellation of GST registration is March 1, 2020 to August 31, 2021.