GST Revenue

Monthly GST collection is expected to average around Rs 1.50 lakh crore and it will be the new normal' in FY24 in view of concerted efforts to check evasion and bring new businesses within the GST net, Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri said on Thursday. In an interview to PTI, Johri said the GST and Customs revenue collection numbers as given in Budget 2023-24 are realistic based on nominal GDP growth and import trends, respectively and the indirect tax collection target set for next fiscal will be achieved. Johri said CBIC has drawn up a strategy to augment GST mop-up by way of stricter audit and scrutiny of tax returns, enforcement action against fake billing and input tax credit claims. We will focus on increasing the taxpayer base. Even though the growth in taxpayer base has been quite good, we have more than doubled the number of taxpayers from the time we started GST, we feel there are some sectors which have much more potential to increase t

The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19

Defers the classification of crypto assets under GST regime

Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections

This ground report from Howrah talks about how the mid-sized and smaller players lost ground

The good news is the revenue shortfall of all the states have narrowed from FY21 level to FY22 level

While the twin deficit problem of widening fiscal and current account deficits has been spoken about, a third problem of widening deficit in the states also stares the Indian economy in the face

Bajaj expects the collections to break the Rs 1.4-trillion record

Here are the top BS Opinion pieces of the day

Shortfall estimated at Rs 2.7 trn; Rs 1.1 trn may be met via cess collection

The electorate is most likely to rate the govt on its response to the flood, its management of the economy after GST, and its recent response to Covid-19

The centre had set up a special window to borrow funds and pass on to the states for meeting the Rs 1.10 lakh crore GST revenue loss

So far, 21 states and 3 Union Territories have opted for the borrowing plan proposed by the Centre

He said the servicing and ultimate repayment of a loan through the states will also be similarly "cumbersome and circuitous"

'We have received mails from students and parents who are in favour of holding exams', said the minister. Stay tuned news LIVE updates

Our worst fears are now coming true, Amit Mitra writes to Sitharaman

"I am hopeful that we will bounce back and bounce back with a vengeance," Kant said while speaking at 'FICCI FRAMES 2020'.

While not affirming new timelines for the simplified returns forms, Pandey says invoice matching is already happening at the back-end and quarterly payments are allowed for small taxpayers.

While Punjab and Kerala will press the GST Council to borrow in order to compensate states, Bihar Deputy Chief Minister Sushil Kumar Modi called the idea "wishful thinking"

This indicates that GST revenue for May, but collected in June, could recover after reporting a close to 85% shortfall in April vis-a-vis last year