Sitharaman vs Chidambaram on India becoming 3rd largest economy
Sitharaman termed Chidambaram "arithmetic inevitability" remarks as "misleading" and explained her rationale.
Since its rollout in July 2017, the GST collection has been showing an upward trend on an annual basis, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday.
The GST collection crossed Rs 1.50 lakh crore mark in every month of the current fiscal and had touched a record high of Rs 1.87 lakh crore in April 2023, the minister said in the written reply to a question in the Lower House of Parliament.
It is to be noted that the average monthly GST collection in 2022-23 was over Rs 1.50 lakh crore. This was higher than Rs 1.23 lakh crore in 2021-22 while in 2020-21, the average monthly mop-up was Rs 94,734 crore.
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“GST collection has been showing an upward trend on a year-on-year basis since the implementation of GST with effect from July 1, 2017. The average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore and is 11 per cent more than that in the same period in the previous financial year,” the Finance Minister said in her reply.
In a separate question, Minister of State for Finance Pankaj Chaudhary replied that the monthly average gross GST collection for 2021-22 and 2022-23 has shown 30 per cent and 22 per cent year-on-year growth respectively.
“GST is paid on self-assessment basis and tax administration at Central and State level is empowered to take action against cases where GST is not paid and short paid. Detection of such cases and recovery of taxes not paid or short paid is a continuous process,” Chaudhary said.
The MoS said the government, on the recommendation of the GST Council, has been bringing several reforms in GST and these measures would improve the GST compliance and increase the GST collection.
As per the recent data shared by the Ministry of Finance, the gross GST revenue collected in the month of November is Rs 1,67,929 crore out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore and cess is Rs 12,274 crore.
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