The Finance Ministry is anticipating that average monthly goods and service tax (GST) revenue collections for the upcoming fiscal 2024-25 will surpass Rs 1.7 lakh crore, on the back of a strong economy and increasingly better compliance.
Read More: New vs Old tax regime? Here’s how you can plan for FY24
For the current fiscal year, average monthly GST collections are around Rs 1.65 lakh crore, and the expectation is that full year collections will increase by nearly 11 per cent year-on-year.
“The revenue department’s strict enforcement has also contributed to entities paying GST on time”, an official said.
November saw GST revenue collection at Rs 1.67 lakh crore, October Rs 1.72 lakh crore, the second-highest monthly collection after April’s Rs 1.87 lakh crore.
Read More: Windfall tax on crude oil slashed to Rs 5,000/tonne: Report
Earlier, Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs (CBIC), said the growth in October GST collections was driven by economic activity, and not because of notices that were sent to online gaming companies.
“Notices were sent because of the time limitation coming to an end for the year 2017-18. So, it is not because of that.
Read More: GST Collection in November 2023 Jumps 15% YoY To Rs 1.68 Lakh Crore; Highest Growth Ever
Also, the notices issued to online gaming companies are in dispute, but the growth has come purely from the economic activity that has taken place in the country,” Agarwal had said.
