GST Collection jumps 11 percent in July 2023
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Parag Mehta, Partner (Indirect Taxes), NA Shah Associates, said the steady rise in GST collections is an indication that the GST Council should now rationalize rates on various goods and services. Consumers will benefit from this. The next two-three months will be the season of festivals in the country. During this time there will be an increase in expenditure on housing, car, holidays and other consumer items. That means GST collection will also increase. The highest ever GST collection was Rs 1.87 lakh crore in April this year.
new rule of gst
Meanwhile, from today the new rule under GST has come into force. It is related to those companies whose turnover is five crores or more. The threshold for issuing e-invoice for B2B transactions has been reduced from Rs 10 crore to Rs 5 crore. This will help the GST department to increase revenue and tackle tax evasion. According to the new rule, GST taxpayers whose aggregate turnover in any financial year is more than five crores will have to furnish e-invoice for B2B supply or export of goods or services or both from August 1, 2023.
tax evasion cases
Earlier, Finance Minister Nirmala Sitharaman told the Lok Sabha on Monday that 2,784 cases of GST evasion involving Rs 14,302 crore were detected in the first two months of the current financial year, while tax recovery of Rs 5,716 crore was made during this period. done. Sitharaman informed that GST tax evasion of Rs 2.68 lakh crore was detected in 43,516 cases between 2020-21 to 2023-24. 76,333 crore was recovered during this period. 1,020 people were arrested.
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