Finance Minister Nirmala Sitharaman. (File Photo/News18)
GST collections have crossed Rs 1.50 lakh crore per month in the current fiscal, says Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman said on Monday that GST collection has been showing an upward trend on annual basis since its rollout on July 1, 2017, and the average monthly mop-up so far in the current fiscal is Rs 1.66 lakh crore.
In a written reply to a question in the Lok Sabha, he said that GST collections have crossed Rs 1.50 lakh crore every month in the current fiscal and will touch a record high of Rs 1.87 lakh crore in April 2023.
“GST collections have shown an upward trend year-on-year since the implementation of GST from July 1, 2017… The average monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore and is 11. per cent higher than the corresponding period of the previous financial year,” Sitharaman said. The average monthly Goods and Services Tax (GST) collection was over Rs 1.50 lakh crore in 2022-23, up from Rs 1.23 lakh crore in 2021-22. In 2020-21, the average monthly mop-up was Rs 94,734 crore.
In response to a separate question, Minister of State for Finance Pankaj Chowdhury said the monthly average total GST collection for 2021-22 and 2022-23 showed an annual growth of 30 per cent and 22 per cent respectively. “GST is paid on self-assessment basis and tax administrations at central and state levels are empowered to take action in cases where GST is not paid and underpaid. Identification of such cases and recovery of unpaid or underpaid tax is a continuous process,” Chowdhury said.
He said the government, on the recommendation of the GST Council, is bringing several reforms in GST and these steps will improve GST compliance and increase GST collection. These include structural changes such as calibration of GST rates to correct the inverted duty structure and trimming of exemptions; Measures to improve tax compliance such as making e-way bills mandatory, ITC matching, mandatory e-invoicing, artificial intelligence and machine-based analytics, Aadhaar authentication for registration, calibrated action on non-filers, stop filers.
Also, system-based analytical tools and system-generated red flag reports are being shared with central and state tax authorities to take action against tax evaders. In response to another question, Chowdhury said that the Central Government, on the recommendation of the GST Council, constituted the State Bench of the GST Appellate Tribunal.
Elaborating on the number of appeals pending against tax demands raised by the central GST authority, Chowdhury said 14,897 appeals were pending as on October 31, 2023. This is more than the 11,899 appeals pending till March 31, 2023.
According to the latest government data, the GST collection rate has recorded the highest growth rate of 15 percent YoY to Rs 1,67,929 crore in November 2023. Experts said the increase was recorded on the back of sales during the festive season and an increase in audits and investigations. They also said that high GST growth also indicates the resilience of the Indian economy.
Of the total of Rs 1,67,929 crore in November, CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore (including Rs 39,198 crore collected on import of goods) and cess is Rs 12,274 crore (including Rs 12,274 crore collected on import of goods). money collected).
(with PTI input)
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