April’s GST collection very strong: Experts
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Chennai: Experts have mixed opinion on GST collection of Rs 1.87 lakh crore in April 2023. They are calling it strong and rational. The GST collection in March 2023 was around Rs 1.67 lakh crore. ICRA Head of Research and Outreach and Chief Economist Aditi Nayar said, “GST collections show a strong growth of 12 per cent at the end of the financial year April 2023 which is paid for March 2023 transactions.” Nair said, “The collections have maintained a healthy growth of 11-13 per cent in recent months.
With a base normalizing and inflation moderating, it may taper off in the coming quarters though it will remain in the high single digits.” According to Vivek Jalan, Partner, Tax Connect Advisory, the GST collection for April 2023 can be called statistically reasonable. He said, “Budget 2023 has projected a 12 per cent increase in GST collections in FY 23-24 as compared to the previous financial year. If inflation is 5.5 per cent and GDP growth is 6 per cent, the budget has not kept even one per cent increase in indirect taxes.”
According to Jalan, the Central Board of Indirect Taxes and Customs (CBIC) is expected to achieve more, which it could not do in April 2023. He said, “Probably we can expect the activities of automated checks etc. to increase in FY 23-24. The ban on e-invoicing will be imposed in the first week of May for some taxpayers. , can be a step in this direction. Describing the record-breaking GST collection last month, Gautam Mahanty, business head, IRIS Tax Tech, said it is a clear indication of the positive impact of e-invoicing and strengthening compliance with India’s thriving economy.
As projected, the 12 per cent growth in April 2022 over the previous year (Rs 1.67 lakh crore) has been attributed to the increase in e-way bills generated in March 2023 (Rs 9.09 crore). It has seen an increase of 16 percent. Mahanty said that in the same period last year, in March 2022, this increase was Rs 7.81 crore. “With the addition of new taxpayers and the government’s focus on digitization and transparency, we expect collections to cross Rs 2 lakh crore in the coming financial year,” Mahanty said.
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