GST Collections An increase of 16%, fastest since October 2022 – Times of India

New Delhi: collections of Goods and Services Tax (GST) rose by 16.4% to RS 2.01.050 Crore in May, the fastest pace of expansion since October 2022, on the back of a leap in taxes on import.The latest data estimates that GST collections in May (for transactions in April) increased by 25.2% to RS 51,266 Crore, while the mopping of domestic sources, which was almost three-quarters of the total Kitty, was 13.7% higher at just below RS 1.5 Lakh Crore.

Import in April had risen 19% to almost $ 65 billion due to a peak in crude oil and fertilizers, among other things. “A growth of 16% in GST collections shows a renewed up momentum after a few months of growth in the range of 11% to 12%. If the growth continues in this reach in the coming months, it can offer the pillow for GOVT to look at rationalization of the interest rate rationalization about which a lot of work has been done,” said Pratik Jain, partner at Consulting Firm.Last week, GOVT sources indicated that the Ministry of Finance cooperates with the States to rationalize GST rates with an evaluation of the plates on the table. On a net basis, the collections were 20.4% higher in RS 1.73.841 crore because the restitutions were 4% lower in RS 27,210 Crore, despite the domestic reimbursements that rise 53.7% to RS 18.314 crore.However, there was a large variation between the states. Arunachal Pradesh (53%), Navaland (46%) and Delhi (38%) were at the top of the growth men, with Tamil Nadu (25%), Kerala (24%), Bihar (23%) and Karnataka (20%) in the middle. On the other hand, Andhra (2% DIP), Uttarakhand (13% decrease) and Mizoram (26% falls) were that reported lower collections.“The average growth throughout the country does not seem to be reflected uniformly in the states, possibly due to sectoral or seasonal factors that require a deeper data -based analysis, said Mrs. Mani, partner for indirect taxes in Deloitte India.