GST collection touches Rs 11,857 crore in Nagpur Zone

Categories: GST Recent News, News
No Comments

The fiscal 2018-2019 was a complete year after embracing the new system of Goods and Services Tax (GST) which started yielding fruits. The GST collection in Nagpur Zone in the fiscal 2018-2019 had coolly touched Rs 11,857 crore mark. India entered into GST regime from July 1, 2017 and therefore the tax collection was only for nine months period in the pervious fiscal. Disclosing this to The Hitavada, H R Bheemashankar, Chief Commissioner CGST, Central Excise, Nagpur Zone said, in Nagpur Zone, Customs Duty which is not included in the GST structure, registered a collection of Rs 2,040 crore. The Customs Duty include Customs revenue of Rs 713 crore and IGST Compensation Cess of Rs 1,327 crore Nagpur Zone includes Nagpur Customs Chapter Cell, Nashik Customs Chapter Cell and Aurangabad Customs Chapter Cell.

The major contributors to the revenue collection were coal, cement and automobile, he said. Nagpur Zone covers total 24 districts in Maharashtra including 11 districts of Nagpur Division, 8 districts of Aurangabad Division and 5 districts of Nashik Division. The total number of taxpayers were 4,20,940. They include 1,47,794 Central taxpayers and 2,73,146 State taxpayers. Adding new assessees under the GST regime is an ongoing process and the figures will vary from time to time depending on the economic situation in the country. Some of the largest contributors towards the GST collections are Western Coalfieds Limited (WCL), Skoda, Manikgarh Cement, Ultratech Cement and Maratha Cement.

For composite assessees with a turnover of more than Rs 1.50 crore, the tax sharing formula between the State and Central governments is equal in the ratio of 50:50, while for those assessees with a turnover of less than Rs 1.50 crore, the tax sharing formula is in the ratio of 90:10, with the State Government getting a major share of 90 per cent and the Central Government receiving 10 per cent revenue. CGST Nagpur Zone has done a commendable job in revenue collections and is one of the top performing zones in the country, sources said.

Read More at: https://www.thehitavada.com/Encyc/2019/4/26/GST-collection-touches-Rs-11-857-crore-in-Nagpur-Zone.html