Monthly GST collections for FY 2021-22 & FY 2022-23 have shown 30% & 22% growth respectively
Published: Aug 01, 2023
By TIOL News Service
NEW DELHI, AUG 01, 2023: 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, Pankaj Chudhary, in a written reply to a question in Lok Sabha yesterday.
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.
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