Business/ News Measurements Network
32,000 crore rupees distributed between Integrated Freight and Service Tax (IGST) between the Center and the States in October. An official told PTI on Tuesday that the state's share is more than Rs 15,000 crore. The sharing of IGST has increased the GST revenue of the Center and states in October. Total revenue collection figures for the month will be released on November 1. This is the fifth time, whereas the IGST fund has been divided between the Center and the states.
Earlier in September, Rs 29,000 crore from IGST, Rs 12,000 crore in August, Rs 50,000 crore in June and Rs 35,000 crore in February. The official said that when significant amount is deposited in the IGST pool, it is divided between center and the states so that it is not worthless at the center. The official said that 32,000 crore rupees were distributed this month.
The tax levied on the consumption and services of goods under GST is done in 50:50 between the Center and the State. This type of tax is called Central GST (CGST) and State GST (SGST). IGST is imposed on the movement of commodities and imports from one state to the other states. The ideal situation is assumed that the IGST pool will have zero sum because this amount is used to pay CGG and SGST.