But its proportion to the size of the economy is only crawling up.
Gross GST collection (before refunds) grew 11.5 per cent to hit the second-highest numbers at 1.78 trillion in March of the last financial year. The highest amount at ₹1.87 trillion was collected in April 2023. Gross GST collection touched ₹20.18 trillion during the entire 2023-24, a growth of 11.7 per cent over ₹18.07 crore during the previous financial year.
While the gross amount seems significant, it was just 6.86 per cent of the GDP at current prices for 2023-24, if Second Advance Estimates of national accounts are considered. It was higher than 6.72 per cent in the previous year, but only moderately. Six years ago in 2018-19, the GST-GDP ratio was 6.23 per cent. As such, the GST receipts in proportion to the size of the economy have only moderately been rising over the years.
Denne historien er fra April 10, 2024-utgaven av Business Standard.
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Denne historien er fra April 10, 2024-utgaven av Business Standard.
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