Total GST revenues between April 2022 and January 2023 stand at ₹14.9 lakh crore. File
| Photo Credit: Okay.V.S. Giri
India’s Goods and Services Tax (GST) revenues grew 12.7% in January 2023 to hit nearly ₹1.59 lakh crore, the second highest month-to-month collections on document, as per revised figures from the Finance Ministry.
Earlier estimates of GST revenues for January had pegged collections at about ₹1.56 lakh crore until the night of January 31 — 10.6% greater than GST receipts in January 2022.
Based on the up to date GST collections, the Finance Ministry’s month-to-month financial overview launched on February 23 stated that whole GST revenues between April 2022 and January 2023 now stand at ₹14.9 lakh crore, 23.1% greater than the identical interval of 2021-22.
“Domestic economic activity remains robust even as a global economic slowdown materialises, as evident in the second-highest ever GST collections of ₹1.6 lakh crore in January 2023. GST collections have now remained above the ₹1.4 lakh crore mark for 11 successive months,” the overview famous.
“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,” it added.
The overview reveals year-on-year development in January’s GST Collections at 12.7%, which interprets into about ₹1,58,891 crore, in comparison with collections of ₹1,40,986 crore in January 2022.
While a break-up of the expansion in revenues from home transactions vis-à-vis imports just isn’t obtainable for final month but, in its January 31 assertion, the Ministry had stated items imports yielded 29% extra GST in the primary 10 months of 2022-23, whereas taxes from home transactions (together with import of providers) had grown 22%.
