Sharp non-GST revenue rise projected in 2022-23

New Delhi: The Centre has projected a sharp increase of 26.6 per cent in non-Goods and Services Tax (GST) collections in 2022-23, making up for the loss on account of expiry of the compensation cess provision. In the same year, the total GST collection is expected to gross Rs 9,80,807 crore, a growth of just 2.3 per cent compared to 12.1 per cent and 12.3 per cent in 2020-21 and 2021-22, respectively. The government has estimated a GST collection of Rs 7.61 lakh crore during 2019-20. “GST Compensation cess will be levied till June, 2022. About 80 per cent amount will have to be collected by way of Cx (central excise)/other. 20 per cent of the amount could be shifted to CGST/SGST from July, 2022 onwards,” according to an internal projection made by the Central Board of Indirect Taxes and Customs (CBIC). (IANS)

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