9911796707
TMI BlogGST: RECENT DEVELOPMENTS AND UPSURGE IN GST COLLECTIONX X X X Extracts X X X X X X X X Extracts X X X X ..... GST: RECENT DEVELOPMENTS AND UPSURGE IN GST COLLECTION - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 4-4-2024 - According to FM, India s economic growth for March, 2024 may be 8% or more, resulting in 2023-24 having a GDP growth 8% or over 8%. The growth was 8.4% in Q3. India is likely to be set for another year of robust growth in the financial year beginning April 1, 2024 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2024-25, or FY25), with inflation projected to ease closer to the Reserve Bank of India s comfort zone, which may allow it to start the rate-cut cycle. However, risks may stem from global factors such as slower-than-expected global growth, higher commodity prices, and geopolitical turbulence, which may adversely impact growth and macro-stability. India is under election mode and the new Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt will be known on 4 th June, 2024. If the same Government is repeated, continuity of policies and reforms will get a boost. The same would apply to GST also. Keeping election in mind, there will be no GST Council meeting till new Government comes in i.e., no GST Council meeting in first six months of 2024, which may delay crucial GST decisions and reforms. The processes of selection of Members f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or GST Appellate Tribunal is on and the last date for applications has just been over. Now the applicant s screening, interview etc shall commence and we may have benches of Tribunal in place soon. It is hoped that the selection process shall eventually turn out some best of talent, intellect and honest people to sit on the benches. The role of GSTAT is going to be the challenging as the phase of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... litigation in GST is all set to roll. While first seven years of GST in India focused on procedures and smoothening the processes, now is the time for settlement and resolution of GST disputes. It should be ensured that resolution is fast, honest, and sustainable in future judicial scrutiny. There should be no room for allowing pendency to build up into huge back-logs. CBIC has issued guidelines f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or CGST field formation in maintaining ease of doing business while engaging in investigation with regular taxpayer. Now only Principal Commissioners or higher officials can initiate CGST investigations and other sensitive matters. Tax payers can also approach designated officials of Principal Commissioner s rank for grievance redressal. The investigations shall be concluded in one year. It may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... noted that earlier DGGI had issued similar instructions. Obviously, this is a welcome move, may be at this time when country goes to polls. The financial year 2023-24 has ended on a high note, from GST view point. GST collection has once again been robust in March, 2024. GST collection is second highest monthly Gross GST Revenue collection in March, 2024 at Rs. 1.78 lakh crore which records 11.5% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y-o-y growth (18.4% on net basis). FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.14 lakh crore exceeding Rs.20 lakh crore, a 11.7% increase compared to the previous year. The average monthly collection for fiscal year 2023-24 stands at Rs.1.68 lakh crore, surpassing the previous year s average of Rs.1.5 lakh crore. GST revenue net of refunds as of March, 2024 for the curr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent fiscal year is Rs.18.01 lakh crore which is a growth of 13.4% over same period last year. While March collection is Rs. 1.78 lakh crore, the second highest so far, the cumulative tax collection in any financial year has crossed Rs. 20 lakh crore for the first time in 2023-24 only. The collection of GST which is directly linked to masses and consumption indicates resilience in Indian economy de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spite global challenges including geopolitical risks. The increased collection also signifies that there is an overall growth in manufacturing and services sector and growth is widely distributed across all states though few states have shown below average growth. Most of larger states have registered a double digit growth. The growth is GST has been consistent barring the covid period, viz, it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Rs. 11.36 lakh crore collection in financial year 2020-21 but it picked up fast and since then, there is no looking back. The following table shows gross GST collection since inception at a glance: Year Gross GST (INR lakh crore) 2017-18 (9 months) 7.19 2018-19 11.77 2019-20 12.22 2020-21 11.36 2021-22 14.83 2022-23 18.10 2023-24 20.18 The impressive GST collection apart from economy, is also at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tributable to better compliance, lesser tax evasion, Government policies and efforts to come down heavily on tax evaders including fraudsters and fake invoice creators. The GSTN has also streamlined over last seven years and Governments dependence on artificial intelligence and data analytics has increased. It can only be expected that in next fiscal 2024-25 and onwards, with economic reforms, sus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tainability and strong political will, GST is going to emerge as a major source of tax revenue to the Government which may also result in rationalization of tax rates. - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
