Delhi’s economic landscape has recently witnessed a significant surge in GST collection, indicating promising economic growth. Data released by the Delhi government revealed a substantial 17% increase in GST collection during the first six months of the fiscal year compared to the previous year. Notably, collection figures surpassed the Rs 3,000-crore mark in key months, including April, May, and July.
The city’s first-quarter collection demonstrated a noteworthy 15% jump, showcasing a strong start to the fiscal year. In the second quarter, the collection climbed to an impressive Rs 9,269 crore, highlighting a steady upward trajectory.
While the overall picture displays a positive economic trend, there was a noticeable decline in revenue from luxury entertainment and betting tax, which was attributed to the limited number of events and matches held in the city this year.
Delhi’s Chief Minister, Arvind Kejriwal, underscored the importance of honest governance in generating increased revenue, emphasizing the need to allocate funds for the development of essential public infrastructure such as schools and hospitals. The recent growth in GST collection is expected to pave the way for further investments in crucial sectors, fostering sustained economic development in the region.
Meanwhile, the all-India GST collections in October stood at Rs 1.72 lakh crore, the second highest-ever. The collections are 13 per cent higher than the Rs 1.52 lakh crore collected in October 2022.
“GST revenue collection for October 2023 is second highest ever, next only to April 2023, at Rs 1.72 lakh crore; records increase of 13 per cent Y-o-Y,” the ministry said in a statement.
The highest-ever revenue from Goods and Services Tax (GST) was recorded in April 2023 at Rs 1.87 lakh crore. The average gross monthly GST collection in the FY 2023-24 now stands at Rs 1.66 lakh crore, 11 per cent higher than the year-ago period.
Download Money9 App for the latest updates on Personal Finance.