GST Collections

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Context

India’s Goods and Services Tax (GST) revenues grew 12.7% in January 2023 to hit almost ₹1.59 lakh crore, the second highest monthly collections on record, as per revised figures from the Finance Ministry.

Details

The Finance Ministry’s monthly economic review revealed that total GST revenues between April 2022 and January 2023 now stand at ₹14.9 lakh crore, 23.1% higher than the same period of 2021-22.
While increasing electronic toll collection reflects steadily rising commercial activity, the sustained growth in the volume of [GST] e-way bill generation points to increased spending and value addition in the manufacturing sector.
Imports yielded 29% more GST in the first 10 months of 2022-23, while taxes from domestic transactions (including import of services) had grown 22%.

Read all about GST: https://www.iasgyan.in/daily-current-affairs/gst-5