GST collections increase 13% to Rs 1.6 lakh crore in March
The March collections, for transactions in February, point to strong domestic demand despite revenue from imports seeing a slower rise. “During the month, revenues from import of goods was 8% higher and the revenues from domestic transaction (including import of services) are 14% higher than the revenues from these sources during the same month last year,” the finance ministry said. In fact, the cess on imported luxury and sin goods fell 2%.
Collections for the full fiscal year are estimated at nearly Rs 18.1 lakh crore, an increase of 22% over 2021-22, resulting in a monthly average of over Rs 1.5 lakh crore. The government is hoping to increase it to over Rs 1.6 lakh crore a month during the current financial year. Among the states and UTs, Mizoram saw the highest growth of 91%, while Ladakh was the only one to see a fall.
The finance ministry also said that returns filed in March were the highest ever.
“Monthly GST collection for the month of March being the second highest of all time, coupled with 22% higher GST collections for FY 22-23 over last year point towards the growing trajectory of the Indian economy. Another cheer point is the highest ever compliance rate with 91.4% of returns being filed in the month of March, indicating success of revenue authorities and businesses in ensuring tax compliance and preventing tax evasion,” said Abhishek Jain, partner for indirect tax at consulting firm KPMG in India.
The post is published through a syndicated feed and attributed to Times Of India