It has been eight years since GST has been implemented in the country and through this the government treasury is continuously filling. Along with this, the number of active GST taxpayers is also increasing strongly. A survey has revealed that 85 percent of the industries in the country have given it their consent and this is the reason that in these eight years, the GST collection figures are coming from year to year. This can be gauged by looking at the total GST collection figures in FY2024-25, which has crossed the figure of Rs 22 lakh crore.
GST broke old records
Looking at the data released by the government, the FY 2024-25 figure of GST collection has been Rs 22.08 lakh crore, which has shown a strong gain of 9.4 percent in the collection on an annual basis. This is also the biggest figure of GST collection in the last eight years after being implemented in the year 2017. Talking about the average churn GST collection so far, it has been Rs 1.84 lakh crore. In the months of April and May, it had gained rage and April GST collection where it stood at Rs 2.37 lakh crore, while it was Rs 2.01 lakh crore in the month of May.
Number of GST taxpayers arrived here
By implementing GST in the country, a big change was made by the government by implementing GST. Its effect was also seen, the number of registered taxpayers in the country has increased from 60 lakhs to about 1.51 crore in these eight years. Since its implementation, there has been a strong increase in revenue collection and tax base extension. Along with this, GST has also contributed significantly in strengthening India’s fiscal state.
How many slabs in GST India
GST rates in India are decided by GST Counsil and representatives of state and union territories are also involved in the decision taken on it. Currently, four GST slabs have been included in the country. Which are 5%, 12%, 18% and 28%. Apart from these major GST slabs, 3% on gold, silver, diamond and jewelery, 1.5% on chopped and polished diamonds and 0.25% GST on raw diamonds. Different rates on its grains, edible oils, sugar, snacks and sweets are effective.
Where did the collection reach in 5 years?
In the last five years, if you look at the boom in the GST collection figure, then it has almost doubled. The total collection in FY2020-21 was Rs 11.37 lakh crore, due to which it increased to Rs 14.83 lakh crore in the next financial year and then in FY2022-23 was 18.08 lakh crore. Apart from this, in 2023-24 GST collection reached a mark of Rs 20.18 lakh crore and now it broke all the old records and crossed the figure of Rs 22 lakh crore.