Government coffers full in July, good news received on the first day of the month, GST collection increased
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According to the ministry, the revenue collection in July 2023 was 11 percent more than the same month last year. In July 2022 it was Rs 1.49 lakh crore. July is the second consecutive month in 2023 when revenue from taxes paid on goods sold and services rendered increased on a monthly basis. It was Rs 1.61 lakh crore in the month of June and Rs 1.57 lakh crore in May. This record was Rs 1.87 lakh crore in April.
Revenue from domestic transactions (including import of services) grew by 15 per cent year-on-year during the month under review. N. A. Shah Associates Partner (Indirect Taxes) Parag Mehta said increase in consumer spending for houses, cars, holidays and other consumer goods was the main reason for the rise in monthly GST collections.
Mehta said the robust GSTN network has ensured early detection of tax evaders. Through this, the department is taking action against tax evaders and fake invoicing organizations on a regular basis. Apart from this, clarifications on industry issues from time to time by the GST Council have also brought clarity to the law. GST collection has increased with proper compliance.
Deloitte India Partner M.S. Mani said the reduction in the e-invoice turnover limit along with the increase in the number of GST audits across states has led to higher GST compliance among companies. Due to this, the GST collection has increased on a monthly basis and it is becoming stable at a level. Abhishek Jain, KPMG’s national head (indirect tax) in India, said collections are expected to increase in the coming months due to festivals.
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