The Goods and Services Tax (GST) collection in the city showed a consistent upward trend in the past few months, with a notable increase of 23% in July compared to the same period last year. The Ministry of Finance reported that the city collected Rs 217 crore in GST for July, which was Rs 41 crore higher than the collection of Rs 176 crore in July 2022. This positive growth in GST revenue reflects the city's economic progress and increased consumption.
The city's GST collection for July showcased a significant growth of 23% compared to the corresponding period last year. The total GST collection for July amounted to Rs 217 crore, marking a notable increase of Rs 41 crore from the collection of Rs 176 crore in July 2022. This surge in GST revenue indicates a positive economic environment and higher consumption levels in the city.
May witnessed a remarkable achievement in GST collection as it recorded a record increase of 55% compared to the same period in the previous year. The GST collection for May reached Rs 259 crore, showing an impressive growth of Rs 92 crore from the collection of Rs 167 crore in May 2022. This marked the highest-ever monthly GST collection in the city since the implementation of GST, reflecting a robust economic performance during that month.
In April, the GST collection experienced a slight 2% increase compared to the gross levy collected during the corresponding period last year. The collection for April amounted to Rs 255 crore, with a marginal rise of Rs 6 crore from the collection of Rs 249 crore in April 2022.
Similarly, in February, the city's GST revenue showed a marginal growth of 5% as it reached Rs 188 crore. This figure was Rs 10 crore higher than the collection of Rs 178 crore in February 2022. Although the growth was relatively modest, it still indicated a positive economic trend in the city.
In December of the previous year, the city's GST collection witnessed a substantial increase of 33% compared to the revenue generated during the corresponding period in the previous year. The total revenue generated in December 2022 was Rs 218 crore, reflecting a significant growth of Rs 54 crore from the collection of Rs 164 crore in December 2021. This notable surge in GST revenue demonstrated a robust economic recovery towards the end of the year.
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The city's GST collection has shown consistent growth in recent months, with July reporting a remarkable 23% increase compared to the same period last year. Additionally, May witnessed a record collection, reflecting the city's economic progress and strong consumer activity. While April and February saw marginal growth, December stood out with an impressive 33% increase in GST revenue. These positive trends indicate a positive economic outlook for the city and suggest continued growth in the coming months.
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