GST to surpass INR 1.5 trillion from October FY23: Revenue Secretary

In the last six months, the Goods and Services Tax (GST) collection has been trending at INR 1.4 trillion mark

September 15, 2022

This year’s August collection grew by 28% year-on-year (YoY) to INR 1.43 trillion

Experts said that the Central Board of Indirect Taxes & Customs (CBIC) will deliver revenues of INR 1.5 trillion mark, to the government

Due to rising demand and inflation, higher rates, and greater compliance, GST collections remained above the INR 1 trillion mark for six consecutive months

Mumbai contributes 18% of Central Goods and Services Tax (CGST), 25% of customs duty collections, and the zone also contributes 7% of the country’s GDP

The Goods and Services Tax (GST) collection may surpass INR 1.5 trillion from October FY23, according to Revenue Secretary Tarun Bajaj. 

The GST collection has been trending at INR 1.4 trillion in the last six months. This year’s August collection grew by 28% year-on-year (YoY) to INR 1.43 trillion and was INR 1.49 trillion in July FY23. In April this year, the GST collection surpassed INR 1.67 trillion. 

Experts said that CBIC will deliver revenues of INR 1.5 trillion mark, to the government. They further added that for CBIC, the Mumbai zone falls as the largest in the country with four sub-zones manned by 41 commissioners. Mumbai contributes 18% of CGST, 25% of customs duty collections, and the zone also contributes 7% of the country’s GDP.. 

Due to rising demand and inflation, higher rates, and greater compliance, GST collections remained above the INR 1 trillion mark for six consecutive months. In August 2021, the collections stood at INR 1.12 crore.

According to the Ministry of Finance, CGST stood at INR 24,710 crore, State Goods and Services Tax (SGST) at INR 30,951 crore, Integrated Goods and Services Tax (IGST) at INR 77,782 crore (which includes INR 42,067 crore collected on imports) and cess at INR 10,168 crore (which includes INR 1,018 crore collected on imports), all in August FY23.  

Source: LiveMint