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GST Revenue Performance & Impact

GST Basics: Meaning, Structure, Rates, GST Council & Key Provisions

Paper I · Unit 3 Section 8 of 13 0 PYQs 23 min
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GST Revenue Performance & Impact

Monthly GST Collection - India (Key Milestones)

  • 2017-18 average: ₹89,000 crore per month in the first year.
  • 2020-21 average: ₹94,000 crore per month despite the COVID-19 shock.
  • 2022-23 average: ₹1.5 lakh crore per month, marking a major stabilisation milestone.
  • April 2023: ₹1.87 lakh crore, the record highest monthly collection at that time.
  • April 2024: ₹2.10 lakh crore, the all-time record monthly collection.

Impact of GST:

  1. Formalization of economy: GST registrations rose from ~65 lakh (2017) to ~1.4 crore (2024).
  2. Reduced logistics time: Elimination of checkposts has cut trucking time by ~20%.
  3. Increased compliance: E-invoicing mandate (for turnover > ₹5 crore) reduces fake invoicing.
  4. Revenue buoyancy: Consistent month-on-month growth post-stabilisation.
  5. Cooperative federalism: GST Council as a model of Centre-State financial cooperation.