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GST Collections: India s Goods and Services Tax (GST) revenue has witnessed a notable upswing, reaching ₹1.72 lakh crore in January 2024, marking a significant 10.4% Year-on-Year (Y-o-Y) growth. This accomplishment represents the second-highest monthly collection ever recorded and the third instance in the fiscal year 2023-24 where collections surpassed ₹1.70 lakh crore. The cumulative gross GST collection for the ten-month period from April 2023 to January 2024 demonstrates a robust 11.6% Y-o-Y growth, totaling ₹16.69 lakh crore. ....
GST: India s Goods and Services Tax (GST) revenue sustained an annual increase but registered a three-month low in December. The Finance Ministry disclosed that GST collections in December stood at Rs 1.65 lakh crore, marking a 10.28 percent rise from the previous year. However, this figure was lower than both November s Rs 1.68 lakh crore and October s Rs 1.72 lakh crore, which was the second-highest collection post the GST implementation. ....
India s Goods and Services Tax (GST) regime needs to plug leakages that cause tax evasion, which has increased in recent years despite stable collections, officials have said. The number of cases of GST evasion detected has increased to about 14,000 this year from 12,574 in 2021-22 and 12,596 in 2020-21. The growing evasion will, however, fuel further growth of GST collection if it can be stopped through efforts such as the use of end-to-end analytics examining entire supply chains and gap analyses of taxes paid in those chains. ....
India s introduction of the Goods and Services Tax (GST) marked a significant milestone in the country s taxation history. The tax base has more than doubled since its implementation in 2017, with revenues experiencing substantial growth. However, there is still room for more businesses to enroll in GST. There is potential for further growth and harmonization in the future. ....
The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. ....