Home Business Common month-to-month GST mop-up at ₹1.66 lakh crore to this point this fiscal: Finance Minister Nirmala Sitharaman

Common month-to-month GST mop-up at ₹1.66 lakh crore to this point this fiscal: Finance Minister Nirmala Sitharaman

Common month-to-month GST mop-up at ₹1.66 lakh crore to this point this fiscal: Finance Minister Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman on the first day of the Winter session of Parliament in New Delhi on December 4, 2023.

Union Finance Minister Nirmala Sitharaman on the primary day of the Winter session of Parliament in New Delhi on December 4, 2023.
| Photo Credit: PTI

The Goods and Services Tax (GST) assortment has been displaying an upward development on an annual foundation since its roll-out on July 1, 2017, and the common gross month-to-month mop-up within the present fiscal to this point is ₹1.66 lakh crore, Finance Minister Nirmala Sitharaman mentioned on December 4 (Monday).

In a written reply to a query within the Lok Sabha, she mentioned the GST assortment crossed ₹1.5 lakh crore mark in each month of the present fiscal and had touched a file excessive of ₹1.87 lakh crore in April 2023.

“GST collection has been showing an upward trend on year-on-year basis since the implementation of GST w.e.f. 1st July, 2017. The average gross monthly GST collection in FY 2023-24 now stands at ₹1.66 lakh crore and is 11% more than that in the same period in the previous financial year,” Ms. Sitharaman mentioned.

The common month-to-month GST assortment in 2022-23 was over ₹1.5 lakh crore, increased than ₹1.23 lakh crore in 2021-22. In 2020-21, the common month-to-month mop-up was ₹94,734 crore.

In reply to a separate query, Minister of State for Finance Pankaj Chaudhary mentioned the month-to-month common gross GST assortment for 2021-22 and 2022-23 have proven 30% and 22% year-on-year development respectively.

“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,” Mr. Chaudhary mentioned.

He mentioned the federal government, on the advice of the GST Council, has been bringing a number of reforms in GST and these measures would enhance the GST compliance and improve the GST assortment.

These embody structural adjustments equivalent to calibration of GST charges for correcting inverted responsibility construction and pruning of exemptions; measures for enhancing tax compliance equivalent to mandating e-way invoice, ITC matching, mandating e-invoice, deployment of synthetic intelligence and machine-based analytics, Aadhaar authentication for registration, calibrated motion on non-filers, cease filers and so forth.

Also, system-based analytical instruments and system-generated pink flag reviews are being shared with Central in addition to State tax authorities to take motion in opposition to tax evaders.

In reply to a different query, Mr. Chaudhary mentioned the Central authorities, on the advice of GST Council, has constituted State Benches of GST Appellate Tribunal.

Giving particulars of the variety of pending appeals over tax calls for raised by Central GST authorities, Mr. Chaudhary mentioned 14,897 appeals are pending as on October 31, 2023. This is increased than 11,899 appeals pending as of March 31, 2023.

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Content Source: www.thehindu.com

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