Contribution of Goods and Services Tax (GST) Revenue: India’s March towards $5 Trillion Economy

Avinash C. Dhotre, K. Chinchodkar, Abhijeet D. Ghodake, B. N. Shinde
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Abstract

This research emphasis on GST’s revenue contributes to India’s march towards $ 5 trillion economy. GST is an indirect tax in nature and levied on goods and services except alcoholic liquors and petroleum products. The dream of $ 5 trillion economy is too difficult for India. While perceiving such dream, GST would contribute to achieve it. In this study we focused on monthly collection of GST revenue, GST revenue Y-o-Y, GDP growth Y-o-Y, payment of GST in last six years, and the contribution to GST revenue from different business constitution. The GST slab rate of 18% and 28% are charged on luxuries goods and services will help to generate high revenue. After analysis, we found that the revenue of GST is increasing every year. The revenue was Rs. 1.46 Trillion in the month November of F. Y. 2022-23 and highly increased to Rs. 1.68 Trillion in the month November of F.Y. 2023-24. It shows 15% growth from November 2022-23 to November 2024. The share of GST revenue is huge in the development of economy.
商品与服务税(GST)收入的贡献:印度向 5 万亿美元经济体迈进
本研究强调商品及服务税的收入对印度迈向 5 万亿美元经济体的贡献。商品及服务税是一种间接税,对除酒类和石油产品以外的商品和服务征收。5 万亿美元的经济梦想对印度来说太难了。而商品及服务税将有助于实现这一梦想。在这项研究中,我们重点关注了每月的商品及服务税收入、商品及服务税收年同比增长、国内生产总值年同比增长、过去六年的商品及服务税支付情况以及不同商业构成对商品及服务税收入的贡献。对奢侈品和服务征收 18% 和 28% 的消费税税率将有助于创造高收入。经过分析,我们发现商品及服务税的收入每年都在增加。2022-23 财年 11 月份的收入为 14.6 万亿卢比,2023-24 财年 11 月份的收入大幅增至 16.8 万亿卢比。从 2022-23 年 11 月到 2024 年 11 月,增长了 15%。消费税收入在经济发展中所占份额巨大。
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