India’s gross Goods and Services Tax revenues hit a file excessive in January with inflows of practically ₹1.2 lakh crore, 8% larger than a yr in the past.
As per official knowledge until 6 p.m. on Sunday, six hours earlier than the deadline for remitting taxes for financial exercise undertaken in December, ₹1,19,847 crore had been collected as GST. This quantity, topic to additional revision, marks the very best oblique tax revenues for the exchequer for the reason that GST regime was launched in July 2017.
“During the month, revenues from import of goods were 16% higher and the revenues from domestic transaction [including import of services] were 6% higher than the revenues from these sources during the same month last year,” the Finance Ministry mentioned in an announcement.
That GST revenues had remained above ₹1 lakh crore for the final 4 months with a steeply ‘increasing trend over this period are clear indicators of rapid economic recovery post-pandemic’, the Ministry mentioned.
“Closer monitoring against fake billing, deep data analytics using data from multiple sources, including GST, Income tax and Customs IT systems, and effective tax administration have also contributed to the steady increase in tax revenue over last few months,” it added.
State Bank of India’s analysis crew had predicted GST revenues of about ₹1.21 lakh crore in a report final Thursday, attributing the surge to the ‘combined effect of the rapid economic recovery post-pandemic and the nationwide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance.’