In a promising development, Tripura has outperformed the national average growth rate in Gross Goods & Services Tax (GST) revenues for the month of May 2023, signaling a robust economic recovery. The state witnessed an impressive 14 percent growth in GST revenue compared to the same month last year, while the national average stands at 12 percent.
According to official data released by the Press Information Bureau (PIB) in New Delhi on June 1, Tripura’s GST revenues for May 2023 amounted to Rs 75 crore, reflecting a significant increase from the previous year’s figure of Rs 65 crore. This achievement positions Tripura as a standout state in terms of GST revenue growth.
The noteworthy growth in GST revenues comes on the heels of Chief Minister Dr. Manik Saha’s recent emphasis on the significance of robust revenue collection in the state. Dr. Saha expressed his determination to implement stringent measures to ensure proper revenue collection, and the latest figures provide additional impetus for the government to pursue its goal of consistently increasing GST revenue in the coming months.
The nationwide Gross GST revenue collected in May 2023 reached an impressive total of Rs 1,57,090 crore. The breakdown of this amount reveals that Central GST (CGST) accounted for Rs 28,411 crore, State GST (SGST) amounted to Rs 35,828 crore, Integrated GST (IGST) stood at Rs 81,363 crore (including Rs 41,772 crore collected on imports), and cess accounted for Rs 11,489 crore (including Rs 1,057 crore collected on imports).
Furthermore, the government settled Rs 35,369 crore to CGST and Rs 29,769 crore to SGST from IGST, resulting in a total revenue of Rs 63,780 crore for CGST and Rs 65,597 crore for SGST after the regular settlement in May 2023.
The nationwide figures also indicated that the overall GST revenues for May 2023 were 12 percent higher compared to the same month last year. Specifically, revenue from the import of goods showed a 12 percent increase, while revenues from domestic transactions (including import of services) recorded an 11 percent growth compared to the corresponding period in 2022.
The positive growth in GST revenues across the country, along with Tripura’s exceptional performance, bodes well for India’s economic recovery. As the state continues to prioritize revenue collection and implement measures to bolster GST revenues, experts remain optimistic about sustained growth in the coming months.
The robust growth in GST revenues reflects Tripura’s resilience and ability to adapt to changing economic conditions. With the state government’s commitment to maximizing revenue collection, Tripura is poised to further contribute to India’s overall economic growth and development.
For Ref : https://pib.gov.in/PressReleasePage.aspx?PRID=1929031
