Current Trends in Indian Economy
November GST revenues rise 11% from 2021
- India’s gross GST revenues were ₹1,45,867 crore in November 2022, 11% higher than a year ago, but nearly 4% below October’s collection.
- Revenues from import of goods were 20% higher while domestic transactions, including import of services, yielded 8% higher taxes than November 2021.
- State GST collections in November accounted for ₹32,651 crore of revenues, while the Integrated GST was ₹77,103 crore, including 38,635 crore collected on import of goods.
- GST Compensation Cess collections were at ₹10,433 crore, factoring in ₹817 crore collected on import of goods — marginally lower than the ₹10,505 crore collected in October 2022.
- Six States recorded a contraction in revenues in November, including Gujarat, Rajasthan and Kerala (-2%), Punjab (-10%), Himachal Pradesh (-12%) and Goa (-14%).
About GST:
- GST was launched on July 1, 2017.
- GST has replaced the old Indirect tax regime in India.
- It was introduced with the idea of “One Nation- One Market- One Tax”.
- 2022 marks the Fifth Anniversary of GST.
- GST is an indirect, multi-stage, consumption-based tax system. It subsumes several domestic
indirect taxes like service tax, purchase tax, value-added tax, excise duty, and others under one
head. - It does not include Petroleum, Liquor, and stamp duty.
- The Three taxes application under the GST are CGST (Central) SGST (State) and IGST
(integrated). - The Four tax slabs are 5%, 12%, 18%, 28%.
