NEW DELHI, Dec 02 (Xinhua): The Goods and Services Tax (GST) collected in India during the month November aggregated around $14.7 billion (Rs 97,637 crore), said official data released by the country's Finance Ministry on Saturday.
Out of the total amount, around $2.5 billion (Rs 16,812 crore) was Central GST, i.e. collected by the central government, around $3.5 billion (Rs 23,070 crore) was States GST, i.e. collected by all the states, and around $7.5 billion (Rs 49,726 crore) was IGST or Integrated GST which is levied by Central Government on inter-State supply of goods and services.
The IGST included around $3.6 billion (Rs 24,133 crore) collected on imports.
Besides, around $1.2 billion (Rs 8,031 crore) was
collected in the form of Cess, which included around
$126 million (Rs 842 crore) collected on imports.
The official data added that around seven million GST returns were filed for the month of October up to November 30.
GST is an indirect tax which has replaced many indirect taxes in India.
The GST Act was passed in the parliament in March 2017, and came into effect on July 1 the same year.
GST law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
In simple words, GST is an indirect tax levied on the supply of goods and services.
This law has replaced many indirect tax laws that previously existed in India.
Dubbed as one of the major policy decisions taken by the present day Narendra Modi government, it aimed at simplifying the tax structure in the country and also expand its base.
