The Minister of State, Shri Pankaj Chaudhary in the Ministry of Finance in a written reply to a question raised in Lok Sabha Stated, "GST collection has shown average national gross domestic year-on growth at 21%."
Reetu | Mar 21, 2023 | Views
GST collection has shown average national gross domestic year-on growth at 21%
The Minister of State, Shri Pankaj Chaudhary in the Ministry of Finance in a written reply to a question raised in Lok Sabha Stated, “GST collection has shown average national gross domestic year-on growth at 21%.”
Average national gross domestic GST collection in the current FY (till Feb, 2023) has shown year-on growth at 21% while the gross domestic GST collection in the State of Punjab has grown at 14%. It would not be proper to compare the growth rates of various States because of different economic and geographical conditions, consumption basket and one-time revenue collection in a particular year in a state, etc.
The Government, on the recommendations of the GST Council, has taken various measures to improve the GST compliance and increase the GST collection in the country including Punjab. These inter-alia include:-
i. Structural changes like calibration of GST rates for correcting inverted duty structure and pruning of exemptions;
ii. Measures for improving tax compliance such as mandating e-way bill, ITC matching, mandating e-invoice, deployment of artificial intelligence and machine-based analytics, aadhaar authentication for registration, calibrated action on non-filers, stop filers, targeted assessment-based action on risky tax payer, integration of e-way bill with fast tag etc.
iii. Deployment of system based analytical tools and sharing of system generated red flag reports with Central as well as State Tax authorities for identification of tax evaders.
In addition, inputs/ suggestions being received regularly from various trade and industries, Centre and States, are discussed threadbare in the GST Council meeting and implemented.
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"