GST March tally second highest at Rs 1.8 L cr, Rs 20 L cr + for yr

NEW DELHI: Items and providers tax collections rose 11.5% to Rs 1,78,484 crore in March, the second highest month-to-month mopup, pushing up 2023-24 collections previous the Rs 20 lakh crore mark for the primary time. “FY2023-24 marks a milestone with a gross GST collection of Rs 20.2 lakh crore, an 11.7% increase compared to the previous year. The average monthly collection for this fiscal year stands at Rs 1,68,000 crore, surpassing the previous year’s average of Rs 1,50,000 crore,” the finance ministry mentioned in an announcement.In March, general collections throughout the month had been pushed by home demand as central and state GST collections grew 16.9% and 17.2%, respectively.’Document GST collections present eco resurgence throughout sectors’ Built-in GST mop-up, levied on inter-state transactions and imports, rose 6.1% to Rs 87,947 crore. A key purpose for this was a fall in income from imports, which declined 5.1% at Rs 40,322 crore. “Record collections during FY24 demonstrate the economic resurgence across sectors and was possible due to the various measures taken by GST authorities to improve compliance and stamp out evasion. The big focus on comparison of taxpayer behaviour across tax and corporate databases has also convinced businesses on the need to be compliant not only on their activities, but also keep track of their vendors’ tax behaviour and ensure that the entire value chain becomes compliant. Since all major states have recorded double-digit growth in GST collections – collections being also a barometer for economic activities as it’s a transaction-based tax – it can be reasonably inferred that the growth is across regions and sectors,” mentioned M S Mani, associate at Deloitte India.In March, barring Mizoram (29% fall), all states and Union territories with legislatures reported a pointy improve. On an general foundation, tax specialists see this pattern persevering with. “The double-digit growth continues in monthly GST collections over last year. With this trend, it will not be surprising if the target for FY25 is revised when the main Union Budget is presented after the formation of a new govt. Also, the collections, which are only likely to be better in coming months, may pave the way for the next wave of GST reforms, including rate rationalisation,” mentioned Pratik Jain, associate PwC India.

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