Guwahati: India saw the second-highest Goods and Services Tax (GST) revenue in March 2023 since the tax’s inception in 2017.
The total GST income collected in March 2023 is Rs. 1.41 lakh crore. In comparison to the same month last year this is a 15% increase.
The amount of GST revenue received in a single month that was ever recorded was Rs. 1.41 lakh crore in April 2021. The March 2023 statistics show a steady recovery in the COVID-19 pandemic-affected Indian economy.
GST receipts for the fiscal year 2022–23 (April 2022–March 2023) totaled Rs. 16.7 lakh crore (USD 231 billion) which was a strong performance. This represents a 21 percent increase over the prior fiscal year.
The surge in GST revenue is viewed as encouraging news for the pandemic-stricken Indian economy. The Atmanirbhar Bharat Abhiyan which aspires to make India self-sufficient is one of many policies the Indian government has been putting into place to promote economic growth.
The government’s revenue which has been impacted by the pandemic-related slowdown is also anticipated to benefit from the increase in GST collection. The government has been depending on GST revenue to cover all of its expenses including those for managing COVID-19.
In conclusion, the growth in GST revenue for both the fiscal year 2022–2023 and March 2023 is a good indicator for the Indian economy. The numbers point to a sustained recovery from the pandemic-caused slowdown and are predicted to increase government revenue.