The Central Government is continuously getting positive news regarding this GST front. The government is achieving records for GST collection each month. It is anticipated to be close to 1.50 lakh crore, on average, in the coming financial year. In addition, Vivek Johri, head of the department of Indirect Taxes and Customs (CBIC) department, has shared details on the GST collection.
This was revealed in during the discussion.
He declared that the new normalization of tax collection would be the result of coordinated efforts to stop tax evasion. And bring all new companies under the aegis of GST. Johri declared during the interview that GST, as well as customs revenue estimates provided within the General Budget 2023-24, are realistic and based on the growth of GDP at the current price as well as the trends in imports.
The goal for indirect tax collections will be accomplished
Inform the public that the goal of indirect tax collection for the coming financial year will be reached. Johri stated that the CBIC has developed a plan to boost GST collections by ensuring strict examination and audit of tax returns. This includes false tax billing and enforcement actions against tax credit claims made by input tax.
The focus will be on expanding the taxpayer base
He has stated that we will concentrate on increasing the number of taxpayers. The growth of the base of taxpayers has been extremely positive. The number of taxpayers has more than doubled the number of taxpayers following the implementation of GST however we think there are some areas that are ripe for growth to increase the number of taxpayers. He said I do not believe that we have yet reached the maximum level, and we have the potential to increase revenues.
Collection could be 1.45 lakh crore.
The monthly GST collection for the current fiscal year is anticipated to be in the region of 1.45 lakh crore. 1.45 lakh crore, on average. If asked if the monthly GST collection of 1.50 lakh crore can be easily accomplished in the next fiscal year, the minister has replied that yes, I’m sure of it. There is more room to increase GST revenue.
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