Question
Consider the following statement: I. Gross goods
and services tax (GST) collection for December rang up over Rs 2.49 trillion. II. This was the third-highest monthly collection since the tax was introduced in July 2017. III. The Budget 2022 set the Central GST (CGST) target at Rs 6.6 trillion, excluding the compensation cess. Which of the above statement is/are not correct?Solution
Statement I is wrong - The data provided by the Ministry of Finance showed that Gross goods and services tax (GST) collection for December rang up over Rs 1.49 trillion. This was the third-highest monthly collection since the tax was introduced in July 2017. The Budget 2022 set the Central GST (CGST) target at Rs 6.6 trillion, excluding the compensation cess. Out of the mop-up in December, central CGST was Rs 26,711 crore, State GST Rs 33,357 crore, integrated GST Rs 78,434 crore (including Rs 40,263 crore collected on imports of goods), and cess Rs 11,005 crore (including Rs 850 crore collected on imports of goods).
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