GST COFFERS OVERFLOWING, AVERAGE MONTHLY MOP-UP HITS RS 1.66 TRILLION

Yearly GST collections see robust 11% rise, reaching Rs 1.50 lakh crore on average in 2022-23.

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GST collections in India have showcased consistent growth annually since its implementation on July 1, 2017, reaching an average monthly gross collection of Rs 1.66 lakh crore in the current fiscal year, according to Finance Minister Nirmala Sitharaman. The minister highlighted that each month of the ongoing fiscal year has witnessed GST collections surpassing the Rs 1.50 lakh crore mark, with a record high of Rs 1.87 lakh crore achieved in April 2023.

Sitharaman emphasized the upward trajectory in GST collections year-on-year since its rollout, indicating an 11% increase in the average monthly collection for the current fiscal year compared to the preceding financial year. The average monthly GST collection in 2022-23 stood above Rs 1.50 lakh crore, marking notable growth from Rs 1.23 lakh crore in 2021-22 and Rs 94,734 crore in 2020-21.