What elements are required for taxability of the transaction under GST
A taxable event under GST is “Supply”. If a transaction falls under “Supply”, it only triggers GST liability.
For taxability of any transaction under GST, the following elements are required to be satisfied
Gross GST Collection for the month of March 2022
Recently Finance Ministry published Gross GST revenue collection for the month of March 2022 on PIB, where ministry is excited about to share all time high gross GST revenue collection which is Rs 1,42,095 crores which consists of Rs 25,830 crores of CGST, Rs 32,378 crores of SGST, Rs 74,470 crores of IGST (including ₹ 39,131 crore collected on import of goods) and cess of Rs 9,417 crores (it includes Rs 981 crores collected on import of goods).
Taxable Event under GST
Taxable event means any event or instance, occurrence of which triggers or result in a tax liability.
GST Revenue collection for December 2021
The Ministry of Finance has recently published the GST collection for the month of December 2021 where gross GST collection is Rs1,29,780 crores
Centre releases Rs. 17,000 crore as GST Compensation to States/UTs
Centre releases Rs. 17,000 crore as GST Compensation to States/UTs