The second-highest mop-up since the indirect tax levy (GST) was instituted in July 2017 for goods and services tax collection was Rs 1.56 trillion in January 2023. In April 2022, GST receipts reached a record high of Rs 1.68 trillion.
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According to a statement from the finance ministry, “the revenues in the current financial year up to the month of January 2023 are 24% greater than the GST revenues during the same period last year.”
Union Budget 2023: GST collection at nearly Rs 1.56 lakh crore in January
49th meeting of GST Council held in New Delhi
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GST has become a crucial source of income for the federal and state governments and has stabilised. By 2022, there would be more than 1.4 crore GST taxpayers, up from little over 70 lakh in 2017. The article attributed the increase in GST collections to a number of factors, including the pandemic-related rapid economic recovery, the nationwide campaign against fake bills and GST evaders, the recent introduction of numerous systemic changes, and various rate rationalisation initiatives taken by the GST Council to correct the inverted duty structure.
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