GST COLLECTIONS

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Context

• India’s Goods and Services Tax (GST) revenues grew 12.7% in January 2023 to hit almost ₹1.59 lakh crore, the second highest monthly collections on record, as per revised figures from the Finance Ministry.

Details

• The Finance Ministry’s monthly economic review revealed that total GST revenues between April 2022 and January 2023 now stand at ₹14.9 lakh crore, 23.1% higher than the same period of 2021-22.
• While increasing electronic toll collection reflects steadily rising commercial activity, the sustained growth in the volume of [GST] e-way bill generation points to increased spending and value addition in the manufacturing sector.
• Imports yielded 29% more GST in the first 10 months of 2022-23, while taxes from domestic transactions (including import of services) had grown 22%.

Read all about GST: https://www.iasgyan.in/daily-current-affairs/gst-5

https://www.thehindu.com/business/Economy/gst-revenues-grew-127-in-january/article66544198.ece