New Delhi: Assembled Governments of Central and State £1,77 trillion tax on goods and services (GST) in March after a refund, 7.3% more than income at the same time a year ago, showed official data.
In FY25, GST collections jumped by 8.6% after recording for refund, to £19.56 trillion, data from GSTD, a state -owned company that processes tax returns, showed.
GST £19 615 Crore was provided in March and in the just financial year, £2,52 trillion was shown, the data showed.
Net Tax Revenue from Domestic Sales increased by 9.3% per year to £1.38 trillion in March, while income from imports – progress to integrated GST (IgST) – were almost flat to £38 830 crore. The import of goods in February decreased by 16% per year to $ 50.96 million, data from the Ministry of Commerce.
Also read | Net GST collection in January will increase 11% on £1.71 trillion
The tax on transactions made in February is collected in March.
Pure GST revenues from domestic sales increased by 10.1%annually, but IGST revenues and the relevant CESS for imports increased by only 3.5%. This could reflect the success of several measures to substitution of imports focusing on atma Nirbhar Bharat and the success of some of the motivational programs associated with production, said Mrs. Mani, partner indirect taxes in Deloitte India.
Before modifying the tax refund cost income collection £1.96 trillion in March, showing annual growth and 9.9% £22 trillion in the just financial year, showing an annual growth of 9.4%.
Resistant economy
Permanent growth in GST collections suggests that a resistant domestic economy, seemingly isolated from global economic challenges, led by strong consumer expenditures, said Saurabh Agarwal, EY tax partner.
The federal indirect tax authority, the GST Council, is currently investigating further rationalization of the tax, which could simplify the GST structure, to remove tax anomalies such as raw materials, attracting higher taxes than finished products and offering tax relief to certain products and services. In this respect, he examines a ministerial panel with the main Minister Bihar Samrat Chaudhary. The recommendation of the panel could be listed at the next meeting of the GST Council.
Also read | Center, states collect gross income GST £1.76 trillion in December
Among the large state economies, Uttar Pradesh showed 10% annual GST revenue jump, while Maharashtra showed 14% improvement. Gujarat showed 6% growth while Tamil Over showed 7% growth. In March, Delhi showed a growth of income by 5% GST.
Experts pointed out that the proceedings concerning short tax payments completed for the previous three financial years helped to grow taxes in FY25. Improved data collection requirements and reporting also helped to grow tax collection, they said.
Also read | Uttar Pradesh Tops Tamil Nadu in the collection of GST: Myth and Reality
Catch all commercial reports, intelligence violations and the latest update of the Live Mint. Download Mint News and get daily market updates.
Collection Business Newsnedianet GST in March jumps 7.3% to 1.77 GBP, which shows the success of self -confidenceMoreLess (Tagstotranslate) goods and services Tax
