Number of GST Registration increased to 1.40 crore from 1.06 crores

The number of people filing GST returns increased by almost 65% to 1.13 crore in 5 years, to April 2023, according to the Finance Ministry on Sunday, December 17. This increase was attributed to better taxpayer compliance. Furthermore, 1.40 crore active taxpayers are currently enrolled under GST, up from 1.06 crore in April 2018.

The entire amount of GST collected per month in November was Rs 1.68 lakh crore. In the current financial year, GST collection has exceeded Rs 1.60 lakh crore overall for the sixth time.

Ninety percent of eligible taxpayers are reporting GSTR-3B forms by the end of the filing month in the current financial year, according to data given by the ministry. This compares to sixty-eight percent in 2017–18, the first year that GST was implemented.

The ministry stated in a tweet on the social media site Twitter that “a rise in return filing percentage by eligible taxpayers has resulted from simplification in Rules and Procedure in GST.”

A nationwide Goods and Services Tax (GST) went into force on July 1, 2017. More than a dozen municipal taxes, such as excise, service tax, and VAT, were incorporated in this levy.

There were 1.13 crore GSTR-3B filers as of April 2023, compared to 72.49 lakh in April 2018. The monthly return form for outgoing supply information and tax payments is GSTR-3B.

The ministry stated in another tweet that “the compliance level in GST return filing has improved over the years with effective policy and systemic changes in GST.” The ministry further stated that an increase in return filing over time shows an improvement in the degree of compliance.

Since July 1, 2017, there has been an annual increase in the collection of the Goods and Services Tax. The current financial year’s average gross monthly mop-up is Rs 1.66 lakh crore, as stated by Finance Minister Nirmala Sitharaman. She said as much in the Lok Sabha earlier this month. The amount collected in April broke the record at Rs 1.87 lakh crore.