Government expects GST collection to cross Rs 1.5 lakh crore mark from October onward

15 Sep 2022 , 11:01 AM

According to government authorities, the Central Board of Indirect Taxes & Customs (CBIC) would be able to collect more than Rs 1.5 trillion in goods and services tax (GST) revenues each month starting in October. This happens at a time when GST revenues have been behind for the previous four months, with a total shortfall of Rs 1.5 trillion.

“Over the last several months, we have made a lot of effort to accomplish the Rs1.5 trillion milestones. However, we have occasionally fallen short by Rs2,000 crore or Rs6,000 crore. Our income for October will be received on November 1st. At a Mumbai event, Tarun Bajaj, the revenue secretary, declared, “I am confident that the CBIC would get Rs1.5 trillion in income for the government from that month on.”

During the month of August, GST receipts were Rs1.43 trillion, compared to Rs1.49 trillion during the same period in July. 1.45 trillion rupees were collected in GST in June, compared to Rs1.4 trillion in May. With Rs1.67 trillion, collections peaked in April. This represents a pinnacle.

The Press Information Bureau stated in a press release that CBIC’s goal is to consistently provide an income of Rs1.5 lakh crore starting in the month of November. But Nirmala Sitharaman, the finance minister, did not give the CBIC staff a specific goal. She was appreciative of their efforts to increase government income.

In order for us to leverage technology to discover where income leakages are occurring, I have asked that training be offered on better utilizing artificial intelligence, data deep dive, and IoT. By claiming incorrect refunds, setting up phoney firms, or collaborating with a few systemically uncommon “black sheep,” troublemakers or persons who try to game the system must be found. When speaking to the tax officials, the finance minister stated that this was costing the exchequer money.

An arrangement has been reached and has been reviewed with the revenue secretary and the CBIC chairman. Soon, she continued, we’ll put everyone through this training so they feel comfortable utilizing technology to help them ensure leaks are sealed. According to her, if every officer, especially the junior ones, received appropriate training in improved technology use, it would be simple to identify instances of tax evasion, identify the source of false claims, and figure out how to stop them.

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