AN ANALYSIS OF GST IMPLEMENTATION AND TRENDS IN REVENUE COLLECTION FROM 2017-18 TO 2023-24

Abstract

India’s Goods and Services Tax (GST), implemented on July 1, 2017, revolutionized the country's indirect tax system by replacing a complex array of taxes with a unified consumption tax. This study analyzes the implementation, features, and trends of GST from fiscal year 2017-18 to 2023-24, utilizing secondary data from the Economic Survey of India 2023-24. The total GST revenue has shown significant growth, rising from ₹5,39,601 crores in 2017-18 to ₹15,18,127 crores in 2023-24. The GST structure operates under a dual system, with Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) being key components, alongside the Integrated Goods and Services Tax (IGST) for inter-state trade. High-contributing states like Maharashtra and Karnataka have strengthened their positions, while states like Himachal Pradesh and Uttarakhand face challenges. The analysis also reveals fluctuations in revenue due to the COVID-19 pandemic, with a robust recovery in subsequent years. Key findings underscore the need for targeted interventions in lower-performing regions, improvements in tax administration, and policy adjustments to address the declining share of cess. This research highlights the pivotal role of GST in enhancing tax compliance and broadening the tax base, laying the groundwork for sustainable economic growth in India. KEY WORDS: Goods and Services Tax (GST), Tax Compliance, Indirect Taxation, Economic Growth, Public Finance