6th March 2023 (9 Topics)
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Tax transitions
Context:
- Recently, about Rs 1.5 lakh crore of gross Goods and Services Tax (GST) collections were informed in February 2023, which highlighted the 12th successive month that GST revenues have stayed over Rs 1.4 lakh crore.
GST collections:
- Average Quarterly revenues: The average monthly GST collections in the first 11 months of 2022-23 now stand at ?1,49,776 crore, 21.5% higher than the average monthly kitty of little over ?1.23 lakh crore through 2021-22.
- Highest and lowest revenue: The month of April (with the highest monthly revenues of over ?1.67 lakh crore), and October and January 2023 (whose collections were upgraded to over ?1.57 lakh crore).
- Positive policy effects: This lends shows the government’s assertion in January that policy changes introduced over the past year have improved compliance with more taxpayers filing returns.
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