There has been a tremendous increase in the GST collection of the government.
According to the data released by the Finance Ministry on Monday, GST collection of Rs 1.78 lakh crore has been done in March, which is the second highest figure till date.
At the same time, in March of the last financial year 2023-24, an annual increase of 11.5 percent has been recorded in GST collection.
The record was made in April 2023
The highest ever GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
The total GST collection for the entire financial year 2023-24 became Rs 20.14 lakh crore, which is 11.7 percent more than the financial year 2022-23.
Monthly average also increased
The average monthly GST collection this financial year stood at Rs 1.68 lakh crore, which was more than Rs 1.5 lakh crore a year ago.
At the same time, in the initial phase the average monthly revenue used to be Rs 85,000 to 95,000 crore.
Important milestone of Rs 20 lakh crore crossed
According to the Finance Ministry, this jump in tax collection was recorded due to 17.6 percent increase in domestic transactions. Due to this, GST collection in the entire financial year has crossed the important milestone of Rs 20 lakh crore.
GST was implemented in 2017
Goods and Services Tax (GST) was implemented across the country on July 1, 2017, replacing the old indirect tax system. This is considered to be the biggest tax reform in the country since independence. According to the Central Government, GST implemented six years ago has helped in reducing the tax burden on the people of the country.
6 reasons for increasing GST collection
1-Strong demand and consumption in India
2-Boost in service and manufacturing sectors
3. Increase in e-invoicing
4-Increased regulatory compliance
5-Increase in new taxpayers
6-Digitalization and transparency
Revenue in six months (in lakh crore rupees)
October 2023 1.72
November 2023 1.67
December 2023 1.64
January 2024 1.74
February 2024 1.68