Monthly Average Gross GST Collection Shows Steady Growth in FY 2021-22 & FY 2022-23
The Union Minister for State for Finance, Shri Pankaj Chudhary, revealed that the monthly average gross GST collection for the financial years 2021-22 and 2022-23 demonstrated a positive trend, with year-on-year growth rates of 30% and 22%, respectively. The Minister shared this information during a written reply in Lok Sabha today.
The Minister underscored that GST is paid based on self-assessment, and both Central and State tax administrations possess the authority to take action against cases of non-payment or short payment of GST. The detection and recovery of taxes in such cases remain an ongoing process.
Expanding on the efforts to enhance GST compliance and boost collection, the Minister highlighted the Government’s implementation of various reforms on the recommendations of the GST Council. These measures include:
– Structural changes, such as calibrating GST rates to correct inverted duty structure and rationalizing exemptions.
– Initiatives to improve tax compliance, like mandating e-way bills, ITC matching, e-invoicing, deploying artificial intelligence and machine-based analytics, and using Aadhaar authentication for registration.
– Taking targeted action against non-filers and stop filers, as well as conducting assessments on high-risk taxpayers.
– Sharing system-generated red flag reports and analytical tools with both Central and State Tax authorities to identify and act against tax evaders.
The comprehensive approach towards GST reforms and compliance enhancement is expected to bolster the GST collection and strengthen the country’s tax revenue system.
