General GST revenue in Nov sees MVR 9.9m decrease
Meanwhile, general GST rate is set to rise from 6% to 8% from January.
Revenue from general GST or GST levied on the public observed a reduction of MVR 9.9 million less than the same period last year, figures show.
According to data from the state tax agency, MIRA:
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In November, the general GST collection stood at MVR 280.1 million
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In November last year, GST collected was MVR 290 million
The GST revenue collection in November was MVR 9.9 million less than the previous year which is a decrease of 3%.
Meanwhile, general GST rate is set to rise from 6% to 8% from January.
Prices of essential commodities have gone up in the domestic market, which has been hit by inflation.
While general GST revenue has come down, total GST revenues have improved due to higher T-GST collections from tourists. The data suggest that:
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Total GST collection stood at MVR 787.6 million
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This is an increase of MVR 12.4 million over the previous year
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T-GST collections increased by MVR 22.3 million
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T-GST alone earned MVR 507.7 million
The state has received MVR 19.5 billion through MIRA in the 11 months of the year. This is an increase of MVR 5.7 billion over the previous year. The dollar earned $754.10 million in revenue.
