Economy News

The staggering magnitude of the Indian economy is evident in the high volume of Goods and Services Tax (GST) collections.

The staggering magnitude of the Indian economy is evident in the high volume of Goods and Services Tax (GST) collections.

The total gross collection for 2022-23 stood at over ₹18 lakh crore, a 22% year-on-year jump.The administration unveiled the collection statistics for the Goods and Services Tax (GST) for March, communicating two crucial messages - firstly, the novel indirect tax structure that commenced on the first of July in 2017, has unmistakably progressed; secondly, the unwavering momentum of the consumption tax for twelve uninterrupted months, even in the face of global obstructions, highlights the endurance of the Indian economy.Not too long ago, it was considered a formidable task to reach a monthly collection of ₹1 lakh crore. In the fiscal year 2017-18, when the GST was introduced, the highest monthly collection was approximately ₹95,600 crore. In the following fiscal year (2018-19), the monthly collection of ₹1 lakh crore was achieved only four times. However, the subsequent fiscal year (2019-20) saw this mark surpassed seven times. Then, the Covid-19 pandemic dealt a severe blow to the Indian economy, resulting in the lowest-ever collection of ₹32,172 crore in April 2020.

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