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Wednesday, July 17, 2024

In FY 2022–2023—GST Collections Average Over ₹1.5 Lakh Crore

<p>Since its launch on July 1, 2017, the GST collection has been increasing annually, and as of Monday, Finance Minister Nirmala Sitharaman stated, that the average gross monthly mop-up for the current fiscal year is Rs 1.66 lakh crore.</p>
<p><img decoding=”async” class=”alignnone wp-image-295532″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034-750×422.jpg” alt=”theindiaprint.com in fy 20222023gst collections average over 1 5 lakh crore gst 1680346543185 168034″ width=”1169″ height=”658″ title=”In FY 2022–2023—GST Collections Average Over ₹1.5 Lakh Crore 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034-1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034-1536×864.jpg 1536w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-fy-20222023gst-collections-average-over-1-5-lakh-crore-gst-1680346543185-168034.jpg 1600w” sizes=”(max-width: 1169px) 100vw, 1169px” /></p>
<p>She said in a written response to a question in the Lok Sabha that the GST collection reached a record high of Rs 1.87 lakh crore in April 2023 and has exceeded the Rs 1.50 lakh crore barrier in each of the current fiscal year’s first nine months.</p>
<p>Since the introduction of the Goods and Services Tax (GST) on July 1st, 2017, there has been an annual increase in the amount of GST collected. According to Sitharaman, the average gross monthly GST collection for FY 2023–24 is now Rs 1.66 lakh crore, which is 11% greater than it was for the same time in the previous fiscal year.</p>
<p>Increased GST Revenues, Averaging More Than Rs 1.5 Lakh Crore in 2022–2023</p>
<p>Compared to Rs 1.23 lakh crore in 2021–22, the average monthly collection of Goods and Services Tax (GST) in 2022–2023 was above Rs 1.50 lakh crore. The average monthly mop-up for 2020–21 was Rs 94,734 crore.</p>
<p>Minister of State for Finance Pankaj Chaudhary responded to a different inquiry by stating that the monthly average gross GST collection for 2021–2022 and 2022–2023 has demonstrated an increase of 30% and 22% year over year, respectively.</p>
<p>“GST is paid on a self-assessment basis, and tax administration at the federal and state levels has the authority to pursue instances involving underpayment or nonpayment of GST. Finding these instances and recovering underpaid or unpaid taxes is an ongoing task, according to Chaudhary.</p>
<p>According to him, the government has been implementing several GST changes based on the GST Council’s recommendations, which are expected to enhance GST compliance and boost GST revenue.</p>
<p>These include structural adjustments like the reshaping of exemptions and the calibration of GST rates to rectify the inverted duty structure; they also include steps to improve tax compliance like requiring e-way bills, ITC matching, and e-invoices; deploying machine learning and artificial intelligence; requiring aadhaar authentication for registration; and calibrating actions taken against non-filers and stop filers.</p>
<p>In order to combat tax evaders, central and state tax authorities are also provided with red flag reports produced by the system and system-based analytical tools.</p>
<p>In response to a different query, Chaudhary said that the State Benches of the GST Appellate Tribunal were established by the national government at the GST Council’s advice.</p>
<p>According to Chaudhary, there are 14,897 ongoing appeals as of October 31, 2023, over tax claims made by Central GST officials. As of March 31, 2023, there were 11,899 more outstanding appeals than this.</p>

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