Tag: GST revenue

Uttar Pradesh has recorded impressive consumer spending trends, with a 15% growth in Goods and Services Tax (GST) revenue until November, surpassing the national average of 13%. This growth brought U.P. closer to economically advanced states like Maharashtra and Gujarat.

Growth in Gross Goods and Services Tax (GST) revenues slowed to 8.5% in November from 8.9% in October, with the indirect tax receipts easing to a little over ₹1.82 lakh crore from ₹1.87 lakh crore in the previous month.

About 70-75 per cent of GST revenues collected in 2023-24 fiscal year came from the 18 per cent slab, while just 5-6 per cent came from the 12 per cent bracket, Parliament was informed on Monday. Only 6-8 per cent of the FY24 goods and services tax (GST) revenues were from the 5 per cent slab, while the highest tax slab of 28 per cent contributed 13-15 per cent to the revenues in the last fiscal year.

The latest GST figures for Andhra Pradesh and Telangana shows a lacklustre scenario for the Telugu States. Both states have exhibited lower growth rates compared to other southern states in terms of GST collections in Aug.

Growth in GST collections slowed to a three-year low in June, with revenues rising about 7.74% to about Rs.1.74 lakh crore from Rs.1,61,497 crore collected in the year-earlier period, according to numbers shared informally by officials.