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India’s Goods and Services Tax (GST) revenues in January 2023 touched almost ₹1.56 lakh crore by Tuesday night, marking the second-highest month-to-month collections recorded because the launch of the oblique tax regime in July 2017.
January’s GST kitty, which is prone to be revised upwards, is 10.6% larger than a 12 months in the past and 4.3% over December’s collections, marking the eleventh month in a row that revenues had been over ₹1.4 lakh crore. The highest revenues to this point beneath the GST system had been recorded in April 2022, when tax inflows had been ₹1,67,540 crore.
For the primary ten months of 2022-23, GST revenues are actually 24% larger than a 12 months in the past, with items imports yielding 29% extra GST income and home transactions (together with import of companies) rising 22%.
“This is for the third time in the current financial year, GST collection has crossed the ₹1.50 lakh crore mark,” the Finance Ministry mentioned, including that e-way payments generated throughout December 2022, to which January’s revenues pertain, hit a document 8.3 crore, ‘significantly higher’ than the 7.9 crore e-way payments generated a month earlier.
‘Compliance policies expanded tax pool’
The ministry attributed the numbers to “various policy changes introduced during the course of the year to improve compliance”, noting that the variety of folks submitting GST returns has improved considerably over time.
“In the quarter October-December 2022, total 2.42 crore GST returns were filed till end of next month as compared to 2.19 crore in the same quarter in the last year,” it mentioned.
Gross GST revenues collected in January until 5 p.m. on Tuesday stood at ₹1,55,922 crore, of which Central GST accounted for ₹28,963 crore, State GST for ₹36,730 crore, and Integrated GST of ₹79,599 crore (together with ₹37,118 crore collected on import of products). GST Compensation Cess yielded ₹10,630 crore, together with ₹768 crore on import of products.
“The Government has settled ₹38,507 crore to Central GST (CGST) and ₹32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is ₹67,470 crore for CGST and ₹69,354 crore for the SGST,” the Ministry mentioned.
“With the Economic Survey 22-23 indicating that the taxpayer numbers have almost doubled from the initial 2017 numbers, it seems that such high GST collections can be expected to be normal for the coming months,” mentioned Abhishek Jain, associate oblique tax at KPMG.
Source: www.thehindu.com
