Only GST collection in March jumps 7.3% to £ 1.77 TN, which shows success of confidence | Today news

New -delhi: Central and state governments collected £ 1.77 trillion goods and services (GST) in March after adjusting for repayments, 7.3% more than receipts in the same time a year ago, the official data showed. In FY25, GST collections jumped 8.6% after adjusting for refunds, up to £ 19.56 trillion, GSTN data, the state-run-processed company that processed tax returns. GST refund of £ 19,615 crore was given in March and in the Easter Financial Year was given £ 2.52 trillion, the data showed. Net tax revenue from domestic sales grew by 9.3% annually to £ 1.38 trillion in March, while revenue from import – Integrated GST (IGST) returns – almost flat on £ 38,830 crore. Commercial imports fell by 16% annually in February to $ 50.96 million, the data from the Ministry of Trade showed. Taxes on transactions made in February are collected in March. On an annual basis, net GST income from domestic sales grew by 10.1%, but IGST turnover and appropriate imports on imports grew only by 3.5%. This could reflect the success of various import replacement measures, focusing on Atma Nirbhar Bharat and the success of some of the production incentive schemes, says Ms Mani, indirect tax in Deloitte India. Prior to being adjusted for tax refunds, revenue of revenue in March was £ 1.96 trillion, with an annual growth of 9.9% and at £ 22 trillion in the pass-ends, with an annual growth of 9.4%. Resilient economy The continued growth in GST collections indicates a resilient domestic economy, apparently isolated from global economic challenges, powered by strong consumer spending, says Saurabh Agarwal, tax partner at EY. The GST Council is currently investigating further tax rate rationalization, which can simplify the GST structure, remove tax -related, such as raw materials that can facilitate higher taxes than completed products and provide tax relief on certain products and services. A ministerial panel at Bihar Deputy Chief Minister Samrat Chaudhary is investigating proposals in this regard. The panel’s recommendations can determine in the next GST council meeting. Among the major state economies, Uttar Pradesh reported an annual leap of 10% in GST revenue receipts in March, while Maharashtra had a 14% improvement. Gujarat reported a 6% growth, while Tamil Nadu showed a 7% growth. Delhi reported a 5% GST conversion growth in March. Experts pointed out that the proceedings regarding the short payment of taxes completed during the previous three financial years helped the growth of the tax collection in FY25. Improved data collection and reporting requirements also helped with growth in tax recording, they said. Catch all the business news, the news reports and the latest news updates on Live Mint. Download the Mint News app to get daily market updates. Business Newsnewsindianet GST collection in March jumps 7.3% to £ 1.77 TN, which shows the success of confidence less