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GST Collections UPSC NOTE

 

GST revenue trends
  • GST collections grew 11.5% in May — the slowest uptick in six months — to cross ₹1.57 lakh crore.

  • Revenues from domestic transactions rising 11% and imports yielding 12% more taxes than a year earlier.

  • May’s revenues were the lowest in three months, and 16% below the record ₹1.87 lakh crore collected in April.

  • This was the 14th successive month that GST revenues exceeded ₹1.4 lakh crore and the fifth occasion that they surpassed the ₹1.5-lakh crore mark.

  • Overall domestic revenues grew 11% in May and 16 States recorded higher revenue growth.

    • Mizoram (52%), Arunachal Pradesh (47%), Delhi (25%) and Meghalaya and Madhya Pradesh, whose revenues rose 23%.

    • Revenues grew 11% in Odisha, Kerala, and Andhra Pradesh, 12% in Karnataka and 13% in Tamil Nadu and Telangana.

  • Revenues contracted sharply in Manipur due to violence, dropping 17% year-on-year, while Chhattisgarh also reported a 4% decline in revenues.

  • Eight States recorded slower revenue growth than the national average. 

    • Rajasthan (up 4%) and Gujarat, Punjab, West Bengal and Jharkhand, each of whom saw a 5% rise in GST inflows in May.

  • A little over 51% of the month’s IGST collections came from taxes on imports of goods.

Reasons for the increasing collection

  • Ongoing drive against indirect tax evasion.

  • The GST collections are bound to increase further due to the special two-month drive for detection of fake registrations and strict action against unscrupulous elements.

  • Higher consumption spending through the withdrawn ₹2,000 currency notes which will remain legal tender till at least September 30, could still bump up collections.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: GST Collections UPSC NOTE
GST Collections UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
https://www.learnerz.in/2023/08/gst-collections-upsc-note.html
https://www.learnerz.in/
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https://www.learnerz.in/2023/08/gst-collections-upsc-note.html
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