MM TAX CLUB

Inexercise of the powers conferred by section5A of the Central Excise Act,1944(1of1944) read with section147of Finance Act,2002 (20of2002),the Central Government,on being satisfied that it is necessary in the public interest soto do,here bymakes the following further amendments in the notification of the Government of Indiain the Ministry of Finance (DepartmentofRevenue),No.04/2022-Central Excise, dated the 30th June,2022,published in the Gazette of India, Extraordinary,PartII,Section3,Sub-section(i),videnumberG.S.R.492(E),dated the 30th June,2022,namely:-

In the said notification,in theTable,-(i)againstS.No.2,fortheen try incolumn(4),theentry“Rs.5perlitre”shall  be substituted;

2.This notification shall comeintoforce on the3rd  dayofJanuary,2023.

Note:The principal notification No.04/2022- Central Excise,dated the30th June,2022,was published in the Gazette of India,Extraordinary,PartII,Section3,Sub-section(i),vide numberG.S.R.492(E),dated the 30th June,2022,and was last amended vide notificationNo.43/2022-Central Excise,dated the15th December,2022,published in the Gazette of India,Extraordinary,PartII,Section3,Sub-section(i),vide numberG.S.R.883(E),dated the15th December,2022

Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row

The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and Cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).

The Government has settled Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of December 2022 is Rs 63,380 crore for CGST and Rs 64,451 crore for the SGST.

The revenues for the month of December 2022 are 15% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 8% higher and the revenues from domestic transaction (including import of services) are 18% higher than the revenues from these sources during the same month last year. During the month of November, 2022, 7.9 crore e-way bills were generated, which was significantly higher than 7.6 crore e-way bills generated in October, 2022.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of December, 2022 as compared to December, 2021.

CBIC vide Notification No. 01/2023—Central Excise dated 2nd January, 2023 seek amendment in The principal notification No. 18/2022-Central Excise, dated the 19th July, 2022 to amend rate of Special Additional Excise Duty leviable on Petroleum crude and Aviation Turbine Fuel.

            In exercise of the powers conferred by section 5A of the Central Excise Act, 1944 (1 of 1944) read with section 147 of the Finance Act, 2002 (20 of 2002), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 18/2022-Central Excise, dated the 19th July, 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 584 (E), dated the 19th July, 2022, namely:—

In the said notification, in the Table,-

(i) against S. No. 1, for the entry in column (4), the entry “Rs. 2,100 per tonne” shall be substituted;

(ii) against S. No. 2, for the entry in column (4), the entry “Rs. 4.50 per litre” shall be substituted.

This notification shall come into force on the 20th day of July, 2022.