GST collection in current fiscal year is likely to average around ₹1.45 lakh crore
GST collection is expected to average around ₹1.50 lakh crore monthly and it will be the ‘new normal’ in FY24 said Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri said on Thursday.
CBIC chief Johri said the GST and customs revenue collection numbers as given in Budget 2023-24 are realistic based on nominal GDP growth and import trends, and the indirect tax collection target set for next fiscal will be achieved, reported PTI.
He said CBIC has drawn up a strategy to augment GST mop-up by way of stricter audit and scrutiny of tax returns, enforcement action against fake billing and input tax credit claims.
“We will focus on increasing the taxpayer base. Even though the growth in taxpayer base has been quite good, we have more than doubled the number of taxpayers from the time we started GST, we feel there are some sectors which have much more potential to increase the taxpayer population,” said CBIC chief Johri in an interview with PTI.
“So I feel we have not reached the saturation level and there is scope for increasing the revenue,” he added.
GST collection in current fiscal year is likely to average around ₹1.45 lakh crore.
GST collection in January came in as the second highest ever at around ₹1.56 lakh crore, the highest being ₹1.68 lakh crore in April 2022.
He said he is ‘confident’ that in next fiscal year, ₹1.50 lakh crore could be the new normal for monthly GST collection. “There is further scope for growth in GST revenues,” he said.
The 2023-24 Budget has projected 12 per cent growth in GST revenue at ₹9.56 lakh crore. The revised estimate for current fiscal pegs GST mop-up at ₹8.54 lakh crore, up from ₹7.80 lakh crore originally estimated in the Budget last year.
Source: livemint.com
***
Don’t miss the next GST Update / Article / Judicial pronouncement
Subscribe to our newsletter from FREE to stay updated on GST Law
Resolve your GST queries from national level experts on GST free of cost.
TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.
