Page 13 - Banking Finance December 2022

time development fund is also likely to India's GDP, are also important for fill- increase in collections are the festive
be established, they added, without ing fiscal gaps. and wedding seasons.
providing further details.
Revenues from GST touched a record
Finance Minister Nirmala Sitharaman GST collection grows 11% of about Rs 1.68 lakh crore in April. In
May, the collection was about Rs 1.41
is expected to announce the plans
YoY to Rs. 1.46 lakh crore lakh crore, June (Rs 1.45 lakh crore),
when she presents the annual budget
July (Rs 1.49 lakh crore), August (Rs
for 2023/24 to parliament on Feb. 1, a in November
1.44 lakh crore), September (Rs 1.48
senior government official with the di-
The Goods and Services Tax (GST) col-
lakh crore), October (Rs 1.52 lakh
rect knowledge of discussions told
lections grew by 11 per cent to about crore) and November (Rs 1.46 lakh
Reuters.
Rs 1.46 lakh crore in November on in- crore).
creased consumer spending and better
In 2022, world-topping compliance, according to government
Attention Subscribers
data.
$100 billion in remittances Please renew your Subscription of
This is the ninth month in a row that
have come to India Banking Finance Journal to receive
the revenues have remained above the
copy of the journal uninterruptedly.
Migrant workers from India are on Rs 1.4 lakh crore mark. However, the
track to send home a record amount collection in November was the lowest You can now pay by GPAY, Phonepe,
of money this year, boosting the fi- since August. Paytm, Amazon, ICICI Pay, BHIM UPI
nances of Asia's third largest economy
In October, GST collections had
poised to retain its spot as the world's
touched the second-highest level of Rs
top recipient of remittances.
1.52 lakh crore on festive spending.
Remittance flows to India will rise 12 The gross GST revenue collected in
percent to reach $100 billion this year, the month of November 2022 is Rs
according to a World Bank report pub- 1,45,867 crore of which Central GST
lished. That puts its inflows far ahead is Rs 25,681 crore, State GST is
of countries including Mexico, China Rs 32,651 crore, Integrated GST is
and the Philippines. Rs 77,103 crore (including Rs 38,635
crore collected on import of goods)
Highly-skilled Indian migrants living in
and cess is Rs 10,433 crore (including
wealthy nations such as the US, the UK
Rs 817 crore collected on import of
and Singapore were sending more
goods).
money home, the report said. Over the
years, Indians have moved away from "The revenues for the month of Novem-
doing lower paid work in places like the ber 2022 are 11 per cent higher than
Gulf. Wage hikes, record-high employ- the GST revenues in the same month
ment and a weaken-ing rupee also sup- last year, which itself was Rs 1,31,526
ported growth. crore," the Finance Ministry said.

Inflows from the world's largest KPMG Partner Indirect Tax Abhishek You can also make payment for
diaspora are a key source of cash for Jain said continuing festive procure- purchase of Books/Exam Guides
India, which lost almost $100 billion of ments, year-end reconciliations of in- from www.sashipublications.com
foreign exchange reserves in the past put tax credits, credit notes, etc. through above QR Code
year amid tightening global conditions would have played a significant role in
For any query please call
that weakened currencies including the the GST revenue uptick. N.A. Shah As- 9073791022/9883398055
rupee against the dollar. Remittances, sociates, Partner, Indirect Tax, Parag
www.sashipublications.com
accounting for nearly 3 per cent of Mehta said the major factors for the

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