Increased inflationary pressure, improved industrial production, revival in demand and in turn consumption kept tax collection buoyant in February. According to the data byUnion ministry of finance, the goods and Services tax (GST) collection inGujaratstood at Rs 8,873 crore in February 2022, up 8% year-on-year against Rs 8,221 crore in the corresponding month last year.
players and tax professionals attribute the spike in tax collection to Inflation and cost pressures in addition to streamlining of business procurement cycles.
According to data by state commercial tax department, total collection of state goods and services tax (SGST), stood at Rs 3,007.46 crore with anIGSTsettlement of Rs 1,179.74 crore, amounting to a total of Rs 4,187.20 crore in February as compared to Rs 4,365.79 crore in January
Net VAT collection in Gujarat stood at Rs 2,592.28 crore in February as compared to Rs 2,622.4 crore in January.