MM TAX CLUB

Gross GST collection crosses ₹1.6 lakh crore mark for 4th time since inception of GST; ₹1.4 lakh crore for 16 months in a row; and ₹1.5 lakh 7th times since inception

Average monthly gross GST collection for Q1 of FY2021-22 is ₹1.10 lakh crore; FY2022-23 is ₹1.51 lakh crore; and FY2023-24 is ₹1.69 lakh crore, respectively

The gross GST revenue collected in the month of June, 2023 is ₹1,61,497 crore of which CGST is ₹31,013 crore, SGST is ₹38,292 crore, IGST is

₹80,292 crore (including ₹ 39,035 crore collected on import of goods) and cess is ₹11,900 crore (including ₹ 1,028 crore collected on import of goods).

The government has settled ₹36,224 crore to CGST and ₹30269 crore to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after regular settlement is ₹67,237 crore for CGST and ₹68,561 crore for the SGST.

The revenues for the month of June 2023 are 12% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 18% higher than the revenues from these sources during the same month last year.

It is for the fourth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark. The average monthly gross GST collection for the first quarter of the FY 2021-22, FY 22-23 & FY 23-24 are Rs. 1.10 lakh crore, Rs. 1.51 lakh crore and Rs. 1.69 lakh crore respectively.

The chart below shows trends in monthly gross GST revenues during the current year. The table-1 shows the state-wise figures of GST collected in each State during the month of June 2023 as compared to June 2022 and table-2 shows the SGST portion of the IGST received/settled to the States/UTs in June’2023.

Income Tax Department earlier has been releases ITR-1 to ITR-5 on different dates for AY 2023-24. Now department has releases ITR 7.

Income Tax Return Form (ITR) – 7 required to file by persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only

The DGFT vide Notification No. 15/ 2023 dated June 29, 2023 has issued an amendment in the import policy condition of Cigarette lighters Covered under CTH 9613 of Chapter 96 of Schedule -I (Import Policy) of ITC (HS) 2022.

In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government amend the import policy condition for the following HS Codes covered under Chapter 96 of the ITC (HS), 2022, Schedule -I (Import Policy) as under:

Effect of the Notification:

The import policy of Cigarette lighters under ITC (HS) Codes 96131000 and 96132000 is revised from “Free” to “Prohibited”. However, import shall be free if CIF value is Rs. 20/- or above per lighter.

DGFT vide Trade Notice No. 08/2023 dated 20'^h June 2023 has laid down the procedure for applying for licence and allocation of quota for export of broken rice on humanitarian and food security grounds, based on requests received from Governments of other Countries.

2. DGFT received representations regarding difficulties being faced while filling up the online forms and certain issues regarding allocation of quota. With a view to resolve these issues a video conference was arranged on 27'^h June, 2023, with the exporters under the Chairmanship of Shri S.C. Agarwal, Addl. DGFT. After detailed deliberations with the exporters, DGFT has decided to partially amend the following Paras of Trade Notice No. 08/2023 dated 20'^h June 2023:

The existing online form, for obtaining licence for export of broken rice under the subject quota, is being partially amended to make the submission of importer detail optional, as details of importer are not known at the time of application.

In exercise of the powers conferred by section 168A of the Delhi Goods and Services Tax Act, 2017 (3 of 2017) (hereinafter referred to as the said Act) read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of the Union territory Goods and Services Tax Act, 2017 (14 of 2017) and in partial modification of the notification of this Government issued vide Notification, No.35/2020-State Tax, published in the Gazette of Delhi, Extraordinary, Part IV, vide No.F.3(84)/Fin.(Exp-IV)/2020-21/DS-IV/288, dated 24th March, 2021 and No. 14/2021-State Tax, published in the Gazette of Delhi, Extraordinary, Part IV, vide No. F.3(115)/Fin.(Exp-I)/2021-22/DS-I/313, dated 17th November, 2021 and No. 13/2022-State Tax, published in the Gazette of Delhi, Extraordinary, Part IV, vide No.F.3(22)/Fin.(ExpI)/2022-23/DS-I/818, dated 12th October, 2022, the Lieutenant Governor of National Capital Territory of Delhi, on the recommendations of the Council, hereby, extends the time limit specified under sub-section (10) of section 73 for issuance of order under sub-section (9) of section 73 of the said Act, for recovery of tax not paid or short paid or of input tax credit wrongly availed or utilised, relating to the period as specified below, namely:–