Contribution of Goods and Services Tax (GST) Revenue: India’s March towards $5 Trillion Economy

Abstract

This research emphasis on GST’s revenue contributes to India’s march towards $ 5 trillion economy. GST is an indirect tax in nature and levied on goods and services except alcoholic liquors and petroleum products. The dream of $ 5 trillion economy is too difficult for India. While perceiving such dream, GST would contribute to achieve it. In this study we focused on monthly collection of GST revenue, GST revenue Y-o-Y, GDP growth Y-o-Y, payment of GST in last six years, and the contribution to GST revenue from different business constitution. The GST slab rate of 18% and 28% are charged on luxuries goods and services will help to generate high revenue. After analysis, we found that the revenue of GST is increasing every year. The revenue was Rs. 1.46 Trillion in the month November of F. Y. 2022-23 and highly increased to Rs. 1.68 Trillion in the month November of F.Y. 2023-24. It shows 15% growth from November 2022-23 to November 2024. The share of GST revenue is huge in the development of economy.