GST Collection

The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds

Deficit in overall indirect tax receipts likely due to contraction in customs and excise collections

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

GST collections rose 12 per cent to over Rs 1.49 lakh crore in February, the finance ministry said on Wednesday. February 2023 witnessed the highest cess collection of Rs 11,931 crore since implementation of GST. The collections are, however, lower than the second highest Goods and Services Tax (GST) mop-up recorded in January at over Rs 1.57 lakh crore. The collection reached an all-time high of Rs 1.68 lakh crore in April 2022. "The gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore of which CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) and cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods)," the ministry said in a statement. The revenues for the month of February 2023 are 12 per cent higher than the GST revenues in February 2022, which was Rs 1.33 lakh crore. Normally February, being a 28-day month, witnesses a relatively lower collection o

Adani Wilmar had failed to deposit GST collection for "several years" and this reportedly led to the inspection

The figure amply indicates that tax revenues are likely to remain strong in 2022-23, and may help the Centre retain the 6.4% fiscal deficit target for the current financial year

Chief Minister of Karnataka Basavaraj Bommai on Wednesday said the monthly collection of goods and services tax (GST) in the State has crossed Rs 10,000 crore for three months in a row. He said Karnataka is behind Maharashtra in emerging out of the impact of the COVID-19 pandemic. Karnataka's monthly GST collection has crossed Rs 10k crore for 3 months in a row, just behind Maharashtra. The positive growth proves we are on the trajectory of good growth & well past the negative impact of the Covid-induced slowdown. Proud to be boosting national economy, Bommai tweeted. According to data given by the Chief Minister, Maharashtra was in number-one spot with Rs 23,598 crore in December, Karnataka in second with Rs 10,061 crore and Gujarat third with Rs 9,238 crore followed by Tamil Nadu with Rs 8,324 crore.

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion

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Revenue for October is second highest monthly collection, next only to April 2022

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GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion

Collections from Goods and Services Tax (GST) rose 28 per cent to Rs 1.43 lakh crore in August, the Finance Ministry said on Thursday. GST collection has remained over the Rs 1.4-lakh-crore mark for the sixth straight month in August. "Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis," the ministry said in a statement. The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said. The revenues for the month of August 2022, registered 28 per cent increase than the GST revenues of Rs 1,12,020 crore collected in August 2021.

Further evidence of economic resilience and animal spirits, according to Wood, is continuing strong goods and services tax (GST) revenues and buoyant retail sales

Money will help carry out their capital expenditure and welfare spending plans

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