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Goods and Services Tax (GST) collections for March 2022 hit an all-time high of how much breaching its previous record of Rs 1.40 lakh crore?

Goods and Services Tax (GST) collections for March 2022 hit an all-time high of how much breaching its previous record of Rs 1.40 lakh crore? Correct Answer 1.42 lakh cr

The correct answer is 1.42 lakh cr.

Key Points

  • Goods and Services Tax (GST) collections for March 2022 hit an all-time high of Rs 1.42 lakh crore breaching its previous record of Rs 1.40 lakh cr 
  • Of the total, Central GST was Rs 25,830 crore, State GST was Rs 32,378 crore, Integrated GST was Rs 74,470 crore, and compensation cess was Rs 9,417 crore
  • For FY22  total GST collections amounted to Rs 14.83 lakh crore, up 30 per cent from FY21.

Important Points

  • The total number of e-way bills generated in February was 6.91 crore, higher than 6.88 crores seen a month ago, despite it being a shorter month, which indicates the “recovery of business activity at a faster pace”.
  • The previous highest collection of GST revenues was in January 2022 at Rs 1.40 lakh crore.
  • The average monthly gross GST collection for the last quarter of FY22 has been Rs 1.38 lakh crore against the average monthly collection of Rs 1.10 lakh crore, Rs 1.15 lakh crore and Rs 1.30 lakh crore in the first, second and third quarters, respectively.
  • The Centre’s GST collection now has exceeded the revised budgetary target of Rs 5.70 lakh crore set for the previous fiscal ended March 31.

Related Questions

Goods and Services Tax (GST) was introduced as a part of indirect tax reforms in India. Which of the following are the salient features of the GST? 1. GST is applicable on the manufacture of goods or on sale of goods or on the provision of services. 2. GST is applicable to the supply of goods or services. 3. GST is based on the principle of destination-based consumption taxation. 4. GST is levied at rates decided by GST Council. Select the correct answer using the code given below:
In the following question, sentences of a paragraph have been jumbled and labeled as A, B, C, and D. You are required to rearrange the jumbled sentences in the right order to form a meaningful and coherent paragraph and mark your response accordingly by selecting the correct option. A. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST. B. The concept of GST is that it is an “Indirect Tax”, ie, this tax is not directly paid by customers to the government, but is rather levied on the manufacturer or seller goods and the providers of services. C. GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. D. Thus, in most cases, you end up paying a tax even if you are not an income taxpayer.
The following sentences form a paragraph. They are numbered a P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in a correct order. P. Also, the customers will have funds to spend because of lower tax rates.  Q. The Goods and Services Tax (GST) is an indirect tax which entails that the tax is approved till the last stage where it is the purchaser of the goods and services who bears the tax. R. It will substitute most other indirect taxes and synchronize the differential tax rates on mass-produced goods and services. S. The government of India claims that GST will enhance Indian GDP by 2%.
In the following question, the 1st and the last part of the sentence/ passage are numbered 1 and 6. The rest of the sentence/passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct. 1. The Goods and Services Tax (GST) is imposed on the supply of products and/or services within the country. P. This can be achieved by charging uniform tax rates and eliminating economic barriers. Q. The objective of GST is to drive India towards becoming an integrated economy. R. These include Service Tax, Purchase Tax, Central Excise Duty, Value Added Tax, Entry Tax, Luxury Tax, Local Body Taxes, etc. S. It subsumes multiple indirect taxes that are imposed by the State Governments or the Central Government 6. Thus, it will make the country a common national market
Goods and Services Tax (GST) is an indirect tax introduced in India in 2017 that is imposed on the supply of goods and services, and it subsumes all indirect taxes except few. It is a destination-based tax imposed on goods and services used, and it is not imposed at the point of origin from where goods come. GST also has a few components specific to state governments, central government and Union Territories (UTs). Which one of the following statements can be inferred from the given passage?
In the following question, two statements are given each followed by two conclusions I and II. You have to consider the statements to be true even ifthey seem to be at variance from commonly known facts. You have to decide which of the given conclusions, if any, follows from the given statements. Statement: (I) In the GST Model in India, it would be dual tax (GST) with the center and states simultaneously levying tax on a common base tax.
(II) The central and state GST would be levied on every transaction of supply of goods and services simultaneously. Conclusions:
(I) This new tax regime would benefit common man of country.
(II) There would be more clarity on state and central component.
Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Khemchand bought a plot of land for Rs. 30 lakh. He spent Rs. 1 lakh on leveling the land, Rs. 85 lakh to construct 4 flats on the plot, and Rs. 1.25 lakh per flat for painting furnishing and advertising. Finally, he sold all the flats for Rs. 60 lakh each. Additionally, he added the GST of Rs. 50,000 for each flat. What was the profit in percentage that Khemchand made (after GST) in the entire transaction?
An article is available with GST and without GST and GST is 10% of marked price. When article is purchased with GST, 20% discount is given on total amount after GST while only 10% discount on marked price is given when purchased without GST. If difference between selling price in both the scheme is Rs. 30, the what is the marked price of article?
The critical reasoning question is based on a short argument, a set of statements, or a plan of action. For each question, select the best answer of the choices given. The GST is  a Value added Tax which is proposed to be a comprehensive indirect tax levy on manufacture,sale and consumption of goods as well as services at the national level. It replaces all the indirect taxes levied on goods and services by the Indian Central and State governments. It has both advantages and as well as disadvantages. Given below are few options, select the one which is not an advantage of the GST.