Government Plans More Measures To Boost GST Collections In Coming Months As per reports, the government had managed to accumulate over INR 1.5 lakh crore in October which is the second highest monthly collection since the indirect tax regime was launched in mid-2017
By Teena Jose •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The government is focusing on tighter audit and other measures to boost GST collections in the coming months as it urges to make a monthly mop-up of over INR 1.5 lakh crore, as per a TOI report. The report stated that the government had managed to accumulate over INR 1.5 lakh crore in October which is the second highest monthly collection since the indirect tax regime was launched in mid-2017.
In October, as per reports, the officials had acknowledged that there had been some slowdown in GST collections from imports and recognized the need to keep a close watch.
"The steps taken by us to improve GST filings have helped and that is reflected in the good numbers. This is in addition to the measures to check misuse through fake invoices or tax payers vanishing after claiming input tax credit," said a senior official during an interaction with TOI.
As per the report, the government analyses the numbers from sectors such as automobiles, housing and sectors that includes iron, cement and coal shows a positive growth. For the deeper analysis of the sectoral performances, the central board for indirect taxes and customs is asking its field offices to audit and scrutinize in order to ensure that there comes no misuse in terms of credits or quantum.
"These steps may not be visible but are crucial to ensure that we move towards making INR 1.5 lakh crore the new normal," added the official.
While surfing through the consumer side perspectives, GST is getting an overwhelming support as it reduces the overall cost of product when compared to the previous taxation system. It is positively accepted because the cumbersome tax system is removed and a unified tax structure introduced which is easy to operate.
According to the market studies, the GST revenue collection for the month of April 2022 is at an all-time high. The reports also stated that the revenue department has a collection of INR 1.68 lakh crore for the month end of April 2022.
