Domestic rating agency Crisil has predicted a 12-14 percent increase in the total collection of GST in the current financial year.
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“The rate of growth in gross state GST collections will be less than 20 per cent in FY 2022-23 to 12-14 per cent in the current financial year,” he said. Sethi said factors such as the resilience of the Indian economy amid global turmoil, softening inflationary environment and increased tax compliance would help GST collections.
The rating agency said tax revenue in 18 states with a gross share of 90 per cent in the gross state domestic product is likely to grow by 6-8 per cent to Rs 34 lakh crore in the current financial year. Its growth rate in the financial year 2022-23 was 7.3 percent.
Prior to this, there was a 12 per cent increase in GST collection in May. The GST collection figures for May 2023 were released by the Ministry of Finance. These figures increased the happiness of the government. In May 2023, the government has earned Rs 1,57,090 lakh crore through GST. If we look at the figures of a year ago, the GST collection in May 2022 was Rs 1,40,885 lakh crore. That is, a year-on-year increase of 12 percent has been recorded in the GST collection. The GST collection of the government in April 2023 was Rs 1.87 lakh crore.
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