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GST Collection Soars: Finance Minister Sitharaman Highlights Record-Breaking Trends and Reforms Finance Minister Nirmala Sitharaman disclosed on December 4 that the Goods and Services Tax (GST) collection has been on an upward trajectory since its inception on July 1, 2017. In response to a query in the Lok Sabha, she provided a comprehensive overview of the current fiscals performance, emphasizing the remarkable average gross monthly mop-up of ₹1.66 lakh crore. Key Highlights Co
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FAQ :
The average gross monthly GST collection for the current fiscal year, FY 2023-24, stands at ₹1.66 lakh crore.
The average gross monthly GST collection in FY 2023-24 shows an 11% increase compared to the same period in the previous financial year.
Yes, the GST collection has surpassed the ₹1.5 lakh crore mark every month in the ongoing fiscal. April 2023 recorded a historic high of ₹1.87 lakh crore.
The increase is attributed to consistent growth and government reforms such as GST rate calibration, reduction of exemptions, and enhanced tax compliance measures like e-way bills, ITC matching, and e-invoices, alongside technological interventions.
State Benches of the GST Appellate Tribunal have been constituted based on the GST Council's recommendations.
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