GST kitty set to rise

GST

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Feb 10, 2023

The finance ministry has projected collections under the goods and services tax (GST) at an average Rs 1.6 lakh crore per month in the next fiscal against an estimated Rs 1.4 lakh crore in 2022-23, an increase of about 14 per cent.

The budget has estimated collection under central GST including compensation cess for the entire fiscal at Rs 9.6- lakh crore — 12 per cent higher than the revised estimate of FY23, which is Rs 8.5-lakh crore.

Ministry officials has extrapolated state GST collections from the central one to arrive at the target for the next fiscal.

Collections in the first 10 months of the fiscal were encouraging with an all-time high monthly collection touching Rs 1.68-lakh crore in April and the second all-time high of Rs 1.56-lakh crore in January.

So far, in the first ten months, average monthly gross collection has been Rs 1.49-lakh crore, higher than the requirement of achieving revised estimate in FY23.

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