Finance minister Nirmala Sitharaman said GST implementation has brought relief to the common citizens and helped raise revenues of the Centre and the states as her ministry reported that gross GST revenues in June rose 12% to £16 billion.
Data released by the finance ministry showed that gross GST revenues crossed the £16 billion mark for the fourth time since the implementation of the tax reform on July 1, 2017. Collections have been £14 billion for 16 months in a row and £15 billion for the seventh time since the rollout. The average monthly gross GST collection for the first quarter of financial year 2021-22, FY 22-23 and FY 23-24 are £11 billion, 15 billion and 17 billion, respectively, according to a finance ministry statement.
Gujarat’s GST revenue up
Gujarat’s revenues from GST grew by 24% in the first quarter of the fiscal year 2023-24. The state’s revenues from GST stood at £1.67 billion from April to June 2023, which includes SGST and IGST settlement, against £1.34 billion in the previous fiscal. Economic growth and improved industrial activity in addition to inflation are factors behind the increase, state commercial tax officials said.
In fiscal year 2022-23, the state clocked 23% growth in revenues, collecting £5.60 billion compared to £4.54 billion in 2021-22. This was higher than the national average of 12% GST growth during the quarter for all of India.