Skip to content
Breaking News

Breaking News

  • Home
  • World
  • Business
  • Health
  • Entertainment
  • Life Style
  • Sports
  • Toggle search form

GST collections up 16%, fastest since Oct 2022 – Times of India

Posted on June 1, 2025 By Admin No Comments on GST collections up 16%, fastest since Oct 2022 – Times of India


Goods and Services Tax (GST)

NEW DELHI: Goods and services tax (GST) collections rose 16.4% to Rs 2,01,050 crore in May, the fastest pace of expansion since Oct 2022, on the back of a jump in taxes on imports.Latest data estimated that during May (for transactions in April), GST collections from imports rose 25.2% to Rs 51,266 crore, while the mop-up from domestic sources, which is almost three-fourths of the overall kitty, was 13.7% higher at just under Rs 1.5 lakh crore.

GST collections up 16%, fastest since Oct 2022

Imports during April had shot up 19% to nearly $65 billion due to a spike in crude oil and fertiliser shipments, among other things. “A 16% growth in GST collections shows a renewed upward momentum after few months of growth in the range of 11% to 12%. If the growth continues in this range for next couple of months, it might provide the cushion for govt to look at rate rationalisation on which a lot of work has already been done,” said Pratik Jain, partner at consulting firm PwC.Last week, govt sources indicated that the finance ministry is working with the states to rationalise GST rates with a review of the slabs on the table. On a net basis, collections were 20.4% higher at Rs 1,73,841 crore as refunds were 4% lower at Rs 27,210 crore, despite domestic refunds soaring 53.7% to Rs 18,314 crore.There was, however, wide variation among the states. Arunachal Pradesh (53%), Nagaland (46%) and Delhi (38%) topped the growth charts, with Tamil Nadu (25%), Kerala (24%), Bihar (23%) and Karnataka (20%) in the middle. At the other end, were Andhra (2% dip), Uttarakhand (13% decline) and Mizoram (26% fall) which reported lower collections.“The average growth across the country does not appear to be uniformly reflected across states, possibly due to sectoral or seasonal factors, which require a deeper data based analysis, said M S Mani, partner for indirect taxes at Deloitte India.





Source link

Business Tags:goods and services tax, GST collections, GST imports, GST revenue growth, India GST April 2023

Post navigation

Previous Post: Road to the MCWS: NCAA baseball tournament schedule, results
Next Post: Gilgit-Baltistan reports first case of poliovirus in toddler

More Related Articles

PSX opens rollover week on turbulent note | The Express Tribune Business
Ukraine receives $1.15 billion grant from US under World Bank program – Times of India Business
China hits back at EU with brandy tax after electric car tariffs Business
PSX surges as political calmness prevails – SUCH TV Business
Finance minister assures commitment to IMF agreement – SUCH TV Business
Bank of England ‘optimistic’ as it edges closer to summer rate cut Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • US markets today: Stocks hover near record highs as investors await Fed decision; Nvidia, Caterpillar and Teradyne lead gains – The Times of India
  • Why millennials are getting cancer at higher rates than their parents’ generation
  • Bob Mackie reflects on legendary career as a fashion designer and working with stars like Tina Turner, Cher
  • Trump praises Japan’s ‘great’ female leader in talks on trade, critical minerals
  • Real Madrid captain Carvajal faces knee surgery setback | The Express Tribune

Categories

  • Business
  • Entertainment
  • Health
  • Life Style
  • Sports
  • World

Copyright © 2025 Breaking News.

Powered by PressBook Blog WordPress theme