New Delhi: Gross GST collection in October amounts to RS 1.3 Lakh Crore – The second highest receipt since the implementation of the measure of tax reform in July 2017 – with significant economic recovery.
Data issued by the Ministry of Finance on Monday showed GST revenue in October was 24% higher than income in the same month last year, and 36% more than 2019-20.
Revenue from imported goods is 39% higher, and income from domestic transactions (including service imports) is 19% more than income from these sources during October 2020, the Ministry of Finance said in a statement.
This is the fourth month directly from reception that crosses Rs 1 Lakh Crore.
The highest collection so far in April this year.
“This is very in line with the trend of economic recovery.
It is also proven from the e-Way bill trend produced every month since the second wave,” the Ministry of Finance said.
“The income will still be higher if the sale of cars and other products has not been affected due to semiconductor supply disruptions.” Since lifting the sidewalk after the second Covid-19 wave, income has been strong, thanks to the economic rebound.
The ministry said the mop-up was also assisted by the State and Central Tax Administration efforts, which resulted in an increase in compliance with the previous months.
It is said that in addition to actions against individual tax evaders, this has been the result of a multiply approach followed by the GST Board.
Actions taken to facilitate compliance include submission of niles through text messages, enabling a monthly payment system (QRMP) on a quarterly return and automatic return population.
“Overall, the impact of this effort has ensured increasing compliance and higher income …
more steps to limit false ITC (input tax loans) are being considered by the GST Council,” said Ministry’s statement.
Last year, GSTN – The IT Backbone – has significantly increase system capacity to improve user experience.
The Board has also taken various steps to prevent non-obedience behavior, such as blocking e-way bills for non-archiving returns, suspension of taxpayer registration that fails to submit six respects in a row and block credit.
For returns to absent.
Economists expect a healthy trend to survive in the coming months.
“The six-month GST collection in 2021 is a reflection of healthy pickups in the GST e-way bill in September 2021, led by pre-celebrated season stockings, and increased compliance,” said Aditi Nargging, chief economist at Ratings Agency ICRA.
“With the October 2021 E-Way bill is expected to exceed the level seen in the previous month, the GST headline collection is scheduled to remain healthy in the range of Rs 1.25-1.35 trillion in November 2021.
Overall, we expect a CGST collection to exceed estimates The Government FY2022 budget of Rs 5.3 trillion is up to RS 500 billion.
“Despite the supply issues associated with the availability of semiconductors, it can continue to limit the performance of GST Cess compensation, we do not expect a budget estimate of RS 1 trillion to be missed, with RS 0.6 trillion already grew up in the first seven fiscal months, “said Nark.
The multi-branch approach is to increase the GST collection: government
