Economic Survey · Ministry of Finance, Department of Economic Affairs · 2023-01-31

Economic Survey 2022-23 - Chapter 3: Fiscal Developments: Revenue Relish

This chapter credits buoyant direct taxes and GST for the Union's resilient fiscal performance in FY23. It says GST had become a stable revenue source for both the Centre and the states. Strong collections are put down to economic recovery, drives against evaders and fake bills, systemic changes and rate rationalisation. The chapter also estimates GST revenue buoyancy since GST began, compared with the taxes it replaced.

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Key findings and recommendations

  • Gross GST collections rose 24.8 per cent year on year in April-December 2022, to Rs. 13.40 lakh crore, about Rs. 1.5 lakh crore a month on average.
  • The GST taxpayer base doubled, from nearly 70 lakh in 2017 to more than 1.4 crore in 2022.
  • GST collections grew at about 10.9 per cent a year between FY19 and FY23, against nominal GDP growth of 9.6 per cent, a buoyancy of about 1.1.
  • Better reporting under GST is said to have also helped income tax collections.

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