In 2022/23 the GST gross collection surpassed Rs 1.5 lakh crores. In the latest report, the monthly GST revenue averaged around the Rs 1.51 lakh crore for the year 2022-23.
Gross GST collections increased 12.7% over the previous year to Rs. 1,60,122 Crore during the month of March (for the month of February) which is the second highest number since the implementation of an indirect tax system in the month of July of 2017 as per data published by the Finance Ministry on Saturday. The amount of tax returns filed during March was the highest since the introduction of indirect taxation in July 2017, with a better compliance rate, and indicating the effectiveness of measures to combat evasion being implemented in tax administration.
It remains to be seen whether this momentum can be sustained.
Source: The Indian Express (Read Full Article: https://bit.ly/3KsoejU)