Nine years of Goods and Services Tax (GST): All-time high of Rs 22.27 lakh crore revenue achieved this year

KOCHI: The Goods and Services Tax (GST) entered its tenth year, making history by collecting Rs 22.27 lakh crore in revenue in the last financial year. Earlier this financial year, the country set a record in monthly revenue collection with Rs 2.43 lakh crore in April. GST was introduced in the Central Hall of Parliament on July 1, 2017, with the aim of unifying central and state taxes and creating ‘one nation, one tax, one market’.

India’s growth came from the revenue of Rs 7.19 lakh crore in that financial year. Kerala achieved a 200 per cent growth in GST revenue in nine years.

Kerala's tax revenue before GST was Rs 16,820 crore, but this financial year it increased to Rs 33,109 crore. The indirect tax imposed on the market from Kanyakumari to Kashmir is a combination of value-added tax (VAT), excise duty, service tax, octroi, entry tax, etc.

GST Annual Revenue

(Amount in lakh crores)

2017-18 (9 months)..................7.19

2018-19...................................11.77

2019-20...................................12.22

2020-21...................................11.37

2021-22...................................14.83

2022-23...................................18.08

2023-24....................................20.18

2024-25....................................22.08

2025-26....................................22.27

Kerala

(Amount in crores)

2017-18 (Nine months).................................12,007.7

2018-19 ..................................................... 21,119

2019-20..................................................... 20,447

2020-21..................................................20,028

2021-22..................................................24,170

2022-23........................................................28,167.07

2023-24......................................................30,944.48

2024-25..................................................... 27,371.53

2025- 26.....................................................33,109