What do you mean by the GST Revenue Collection?
The Government of India as well as any other economy collects revenue from different sources out of which the taxes account for more than 50% of total revenue collection. In India, the government charges taxes on different goods and services at different rates for example 5% on edible items, 12% on processed food items, 18% on household accessories and manufactured items, and 28% on luxury items, and tobacco. Thus the GOI collects a significant amount from the consumers on every product in the form of GST and thus the collected amount is called the GST revenue collection.
More than 80% of the Governmentâs GST revenue collection comes from public listed companies.
GST Revenue Collection
Soon after introducing GST (Goods and service tax) in 2017, the major revenue collections observed a considerable hike, and the main reason behind it is that the centralization of all taxes made tax evasion difficult and bring in transparency to the Indian taxation system. Before the launch of GST, many taxes with different rates use to apply to different goods and services. Also, it has been observed that many sellers used to charge hidden taxes on certain goods and services. Thus GST proved to be a game-changing initiative by the central government resolving all the discrepancy in the taxation system.
GST Revenue Collection
The GST revenue collection for the month of May 2022 was around INR 1,02,485 Crores, which observed an overall increase of 40% from May 2021, when the GST revenue collection was INR 70,951 Crores.
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