Proposed GST slab of 35% is a deterrent for growth
As per a cross-country World Bank study on sugar-sweetened beverages, India has one of the highest tax rates for carbonated soft drinks (CSDs) at a total tax rate of 40 per cent as of 2023.
The gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore. Of this, the CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) and Cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods)
The government has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the States after regular settlements in the month of February 2023 is Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST.
Advertisement
In addition, the Centre had also released a balance GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to states/UTs which have sent AG-certified figures for the previous period.
Advertisement
The revenues for the month of February 2023 are 12 per cent higher than the GST revenues in the same month last year, which was Rs. 1,33,026 crore. During the month, revenues from the import of goods were 6 per cent higher and the revenues from the domestic transaction (including the import of services) are 15 per cent higher than the revenues from these sources during the same month last year.
February witnessed the highest cess collection of Rs 11,931 crore since the implementation of GST. Normally, February, being a 28-day month, witnesses a relatively lower collection of revenue.
Advertisement
