The monthly average gross GST collection for the FYs 2021-22 & 2022-23 have shown 30% and 22% year on year growth respectively. This was stated by Union Minister for State for Finance Shri Pankaj Chudhary in a written reply to a question in Lok Sabha on July 31, 2023.
The details of gross Goods and Services Tax collection on supply of goods and services (Domestic + Imports) for the FY 2020-21, 2021-22 & 2022-23 are as under:
(Rs. In crore)
|
FY |
Collection | Average monthly collection |
| 2020-21 | 11,36,805 |
94,734 |
|
2021-22 |
14,83,291 | 1,23,608 |
| 2022-23 | 18,07,680 |
1,50,640 |
The Minister further stated that GST is paid on self-assessment basis and tax administration at Central and State level is empowered to take action against cases where GST is not paid and short paid. Detection of such cases and recovery of taxes not paid or short paid is a continuous process.
Giving more details, the Minister stated that the Government, on the recommendations of the GST Council, has been bringing several reforms in GST. These measures would improve the GST compliance and increase the GST collection. These inter-alia include:-
i. Structural changes like calibration of GST rates for correcting inverted duty structure and pruning of exemptions;
ii. Measures for improving tax compliance such as mandating e-way bill, ITC matching, mandating e-invoice, deployment of artificial intelligence and machine-based analytics, aadhaar authentication for registration, calibrated action on non-filers, stop filers, targeted assessment-based action on risky tax payer, integration of e-way bill with fast tag etc.
iii. System based analytical tools and system generated red flag reports are being shared with Central as well as State Tax authorities to take action against tax evaders.
The Press Release can be accessed at: https://pib.gov.in/PressReleasePage.aspx?PRID=1944426
(Author can be reached at info@a2ztaxcorp.com)
DISCLAIMER: The views expressed are strictly of the author and A2Z Taxcorp LLP. The contents of this article are solely for informational purpose and for the reader’s personal non-commercial use. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon. Further, no portion of our article or newsletter should be used for any purpose(s) unless authorized in writing and we reserve a legal right for any infringement on usage of our article or newsletter without prior permission.
___________________________________________________________________________________
📢 FREE Webinar on “Blockchain and Virtual digital asset with overall taxation implications including GST” by CA Riddhi Jain & Adv (CA) Bimal Jain
 |
|
🔖 Hurry UP !! Only few seats are left !! Register Now !! 🔖 A2Z Academy is Organizing a FREE Webinar On: 📢“Blockchain and Virtual digital asset with overall taxation implications including GST” 🗓️ Date: August 04, 2023, Friday ⏰ Time: 8:00 PM to 9:00 PM (IST) 🎤 Speakers: 👨🏻🏫 CA Riddhi Jain 👨🏻🏫 CA (Adv) Bimal Jain Registration Link 🔗: https://zoom.us/webinar/register/WN_Kbvufgm6TyW-avGx6_3mfw Coverage: ✔️ What is the current legal status of virtual digital assets in India? Limited seats available Follow us on our social media for more updates: |