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NEW DELHI: Goods and services tax (GST) collections rose 10. 6% to Rs 1,55,922 crore in January, logging the second-highest monthly collection, while the number of e-way bills issued in December touched a record 8. 3 crore.
Latest data released on Tuesday by the finance ministry showed that the highest growth was seen in central GST collections, which rose 17. 4% to Rs 28,963 crore in January (based on transactions in December, 2022), amid indications of a slowdown in IGST, due to a muted rise from imports. Data released by commerce department earlier this month had showed that imports fell 3. 5% in December.
This is the third time during the current financial year that the mop-up was higher than Rs 1. 5 lakh crore. So far this fiscal, GST collections have increased 24% to almost Rs 15 lakh crore. The government attributed the rise to efforts taken over the last few years to increase the tax base and improve compliance.
“GST collections for the month of January have touched the second all-time high, setting the perfect momentum for the Union Budget. Equally encouraging is that December saw the highest number of e-way bills getting generated, which clearly indicates an uptick in economic activity. With the Economic Survey indicating that the taxpayer numbers have almost doubled from the initial 2017 numbers, it seems that such high GST collections can be expected to be normal for the coming months,” said Abhishek Jain, partner for indirect tax at consulting firm KPMG in India.
Latest data released on Tuesday by the finance ministry showed that the highest growth was seen in central GST collections, which rose 17. 4% to Rs 28,963 crore in January (based on transactions in December, 2022), amid indications of a slowdown in IGST, due to a muted rise from imports. Data released by commerce department earlier this month had showed that imports fell 3. 5% in December.
This is the third time during the current financial year that the mop-up was higher than Rs 1. 5 lakh crore. So far this fiscal, GST collections have increased 24% to almost Rs 15 lakh crore. The government attributed the rise to efforts taken over the last few years to increase the tax base and improve compliance.
“GST collections for the month of January have touched the second all-time high, setting the perfect momentum for the Union Budget. Equally encouraging is that December saw the highest number of e-way bills getting generated, which clearly indicates an uptick in economic activity. With the Economic Survey indicating that the taxpayer numbers have almost doubled from the initial 2017 numbers, it seems that such high GST collections can be expected to be normal for the coming months,” said Abhishek Jain, partner for indirect tax at consulting firm KPMG in India.
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