New Delhi [India], April 1 (ANI): Good and Services Tax (GST) collected during the month of March was worth Rs 160,122 crore. The revenues were 13 per cent higher than the GST revenues in the same month last year.
Monthly GST collections, on average, have been in a range of Rs 1.5-1.6 lakh crore for months now.
It is for the fourth time in the just concluded financial year 2022-23 that the gross GST collection has crossed the Rs 1.5 lakh crore mark and registered the second-highest collection since the implementation of GST.
Monthly GST revenues have been more than Rs 1.4 lakh crore for 12 months in a row, with Rs 1.6 lakh crore having crossed for the 2nd time since its inception.
During the month, revenues from the import of goods were 8 per cent higher and the revenues from the domestic transaction (including the import of services) are 14 per cent higher than the revenues from these sources during the same month last year.
For the total 2022-23, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.
Over the last few years, various efforts have been made to increase the tax base and improve compliance.
Goods and Services Tax was introduced in the country with effect from July 1, 2017 and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
Before July 2017, the Indian indirect tax regime was highly fragmented, according to the centre. The Centre and States were separately taxing goods and services and there were many taxes like excise duty, service tax, VAT, CST, purchase tax, and entertainment tax, among others.
In 2000, the then prime minister conceptualized GST and setup a committee to design its model. Post-2014, the incumbent government expedited the process, and resumed discussions with states and all other stakeholders with new vigour. (ANI)
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