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According to Government sources, it is informed that Delhi's Goods and Services Tax (GST) collection in the second quarter of 2022-23 has dipped by more than 6 per cent in comparison to the first quarter of the fiscal.
However, the combined GST collection of the first two quarters of 2022-23 was 28% higher than the corresponding period of the financial year 2021-22. It reflects that the economic situation is recovering from the effects of the COVID-19 pandemic, as mentioned by the officials.
The official also reported to the press that it is anticipated that GST collection in the third quarter (October-December) would be high with a spur in trade and business during the festive season.
The GST collection of INR 14,297 crore in the first quarter (April-June) was Rs 880 crore more than the INR 13,417 crore collected in July-September.
As per the report, the Delhi government collected INR 5,871 crore from GST in April, INR 4,113 crore in May, INR 4,313 in June, INR 4,327 crore in July, INR 4,349 crore in August and INR 4,741 crore in September.
The GST collection of Delhi in the first two quarters of 2022-23 was INR 27,214 crore as compared to INR 21,505 crore in 2021-22. The Delhi government had estimated total revenue receipts of INR 75,800 crore in the budget for 2022-23, including tax collection of Rs 47,700 crore.
The GST, which is the biggest component of Delhi's tax revenue, combined with the Value-Added Tax (VAT), is estimated to earn INR 31,200 crore for the government (other taxes include excise duty, stamp and registration fee on sale of properties and road tax on motor vehicles)
If you need any assistance or clarification in regards to GST, feel free to contact the ASC Group.
Source: Moneycontrol.com
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