Which state has topped in GST?

Detailed Solution. The correct answer is Maharashtra. Maharashtra and Uttar Pradesh have topped in Goods and Services Tax registrations by businesses and dealers followed by Gujarat and Tamil Nadu.

Which state is top in GST paying?

Maharastra posted the highest state-wise GST collections for September 2022 at Rs. 21,403 crore. It is followed by Karnataka, Gujarat, Haryana and Tamil Nadu.

Which state has highest GST collection 2022?

GST Collection for December 2022 State-wise

Just like in November 2022, Maharashtra posted the highest GST collection for December 2022 in absolute terms at Rs. 23,598 crore. States like Karnataka, Gujarat, Tamil Nadu, Haryana and Uttar Pradesh have also shown impressive numbers.

Which city pays highest GST in India?

Bengaluru the capital of Karnataka has furnished an overwhelming performance that left behind the national capital Delhi to appear as the 2nd highest direct tax-paying city after Mumbai in the former fiscal year (2021-22).

Which state in India paying highest tax?

Maharashtra, Delhi and Karnataka are the top three states, respectively, in terms of net direct tax collections from FY20 to FY22.

State wise GST collection 2021 22/Indian economy

Who is No 1 tax payer India?

The leader of the pack is Reliance Industries by paying taxes of Rs 16,297 crore and net profit of Rs 60,705 crore, led by billionaire Mukesh Ambani.

Who is the king of GST?

GST Number of THE KING'S is 08AAMFT1455C1Z8 in Rajasthan

It is a Partnership with its office registered in Rajasthan .

How far is GST successful in India?

In line with industry expectations, GST has had a positive impact on the manufacturing sector by removing the cascading effect of taxes resulting in the reduction of manufacturing costs. Before GST implementation, certain taxes paid by manufacturers on procurements were non-creditable.

Which state has first GST in India?

The correct answer is Assam. On 12 August 2016, Assam became the first state to ratify GST Bill.

What is the highest GST in the world?

GST in New Zealand

It is currently levied at 15%. GST collects 31.4% of the total taxation, making New Zealand the highest-taxed country in the OECD in terms of sales tax as a proportion of the GDP.

Who benefited most from GST?

SMEs and small taxpayers have benefitted from the GST system with a number of relaxations.

What is the highest GST collection in India?

GST collection crossed Rs 1.5 lakh crore-mark for the third time in FY23. The highest ever GST collection stands at Rs 1.68 lakh crore in April 2022.

Which state is most benefited from GST and how?

It said the northeastern states had been the biggest beneficiaries of the GST regime, recording a compound annual GST revenue growth rate of 27.5% since the implementation of the tax—2017-18 to 2022-23 period—as against 14.8% for all states.

Why GST is so high in India?

It further said that improved compliance, higher nominal gross domestic product due to inflation, and higher imports due to elevated commodity prices have all contributed to the overall gain in the GST collections over the last two years.

What is the future of GST?

Future of GST is bright with more and more automation. Litigation would rise to an extent but simplification would be more. Procedural restrictions on ITC could increase. We can say “Achhe Din” of GST are on the way!!!

Will GST help Indian economy?

Ans – The impact of GST on the Indian economy can be understood through various points. For instance, it can be said that with the help of goods and services tax, the tax structure of the country became simplified. Further, for the small and medium businesses also GST can be called great support.

Which country started GST first?

France was the first country in the world to implement Goods and Services Tax (GST). More than 140 countries across the globe have implemented the GST.

Who is the owner of GST?

Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments. For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government.

Who is called Father of GST in India?

Atal Bihari Vajpayee is known as the father of GST. He was often referred to as Bihari. He was a leader of the Bharatiya Janata Party (BJP) and twice served as the Prime Minister of India.

Who paid most income tax in India?

Actor Akshay Kumar, one of the top-paid stars in Bollywood, has been reportedly honoured by the Income Tax department as the 'highest taxpayer' in the country again.

Which is biggest tax in India?

The correct answer is Corporate Tax. Corporate tax is the single largest source of income to the government of India.

Who has the best tax system in the world?

The Faroes have a tax system that is unique even among their Nordic neighbors, and probably the best in the world. Its operating principles are centralization, efficiency, and simplicity.

Which state is very poor in India?

As you probably already know, India has both wealthy and poor states. in the list of India's poorest states. Bihar has emerged as India's poorest, with half of its people living below the poverty line. This state has a poverty rate of about 33.74%.