NEW DELHI, Dec 4: Finance Minister Nirmala Sitharaman reported that the Goods and Services Tax (GST) collection has exhibited a consistent annual increase since its initiation on July 1, 2017. As of the current fiscal year, the average monthly GST collection stands at ₹1.66 lakh crore, marking an 11% rise compared to the corresponding period in the previous financial year, as mentioned in a written response in the Lok Sabha on December 4.
Sitharaman highlighted that the GST collection surpassed the ₹1.5 lakh crore mark every month in the ongoing fiscal year, reaching a record high of ₹1.87 lakh crore in April 2023. In the fiscal year 2022-23, the average monthly GST collection was over ₹1.5 lakh crore, an increase from ₹1.23 lakh crore in 2021-22, and ₹94,734 crore in 2020-21.
In response to another query, Minister of State for Finance Pankaj Chaudhary stated that the monthly average gross GST collection for 2021-22 and 2022-23 exhibited a year-on-year growth of 30% and 22%, respectively. He emphasized that GST is paid on a self-assessment basis, and the tax administration at both the Central and State levels is authorized to take action against cases of non-payment or underpayment.
Chaudhary outlined various reforms initiated by the government based on GST Council recommendations, including changes in GST rates, improvements in tax compliance through measures like e-way bills, ITC matching, e-invoicing, and the use of artificial intelligence. The government has also established State Benches of GST Appellate Tribunal, responding to 14,897 pending appeals as of October 31, 2023, compared to 11,899 appeals pending as of March 31, 2023.
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