GST March tally second highest at Rs 1.8 L cr, Rs 20 L cr + for year

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NEW DELHI: Goods and companies tax collections rose 11.5% to Rs 1,78,484 crore in March, the second highest month-to-month mopup, pushing up 2023-24 collections previous the Rs 20 lakh crore mark for the primary time. “FY2023-24 marks a milestone with a gross GST collection of Rs 20.2 lakh crore, an 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at Rs 1,68,000 crore, surpassing the previous year’s average of Rs 1,50,000 crore,” the finance ministry stated in an announcement.
In March, total collections through the month have been pushed by home demand as central and state GST collections grew 16.9% and 17.2%, respectively.

‘Record GST collections present eco resurgence throughout sectors’
Integrated GST mop-up, levied on inter-state transactions and imports, rose 6.1% to Rs 87,947 crore. A key cause for this was a fall in income from imports, which declined 5.1% at Rs 40,322 crore.
“Record collections during FY24 demonstrate the economic resurgence across sectors and was possible due to the various measures taken by GST authorities to improve compliance and stamp out evasion. The big focus on comparison of taxpayer behaviour across tax and corporate databases has also convinced businesses on the need to be compliant not only on their activities, but also keep track of their vendors’ tax behaviour and ensure that the entire value chain becomes compliant. Since all major states have recorded double-digit growth in GST collections – collections being also a barometer for economic activities as it’s a transaction-based tax – it can be reasonably inferred that the growth is across regions and sectors,” stated M S Mani, associate at Deloitte India.
In March, barring Mizoram (29% fall), all states and Union territories with legislatures reported a pointy enhance. On an total foundation, tax consultants see this development persevering with. “The double-digit growth continues in monthly GST collections over last year. With this trend, it will not be surprising if the target for FY25 is revised when the main Union Budget is presented after the formation of a new govt. Also, the collections, which are only likely to be better in coming months, may pave the way for the next wave of GST reforms, including rate rationalisation,” stated Pratik Jain, associate PwC India.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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