Monthly GST collections in FY23 may average Rs 1.4-1.5 trillion As the Centre has factored in an average monthly gross GST collection of about Rs 1.2 trillion (Centre + states) for the FY23 Budget, the latest GST collections indicate a substantial upside for both the Centre and states.
Gross goods and services tax (GST) revenues may be Rs 1.4-1.5 trillion a month on average in the current financial year, boosting the tax revenues of the government, revenue secretary Tarun Bajaj said on Thursday.
As the Centre has factored in an average monthly gross GST collection of about Rs 1.2 trillion (Centre + states) for the FY23 Budget, the latest GST collections indicate a substantial upside for both the Centre and states.
“In spite of the fact that we have not increased taxes in the last one year, there has been a healthy growth of GST revenue. Now, we are touching Rs 1.4 trillion as a routine every month,” Bajaj said at an event in Mumbai.
While there would be challenges on the excise duty and customs duty collections due to tax rate cuts, Bajaj was optimistic that direct taxes would perform much better than the government projected in the Budget for FY23.