‘GST avg collection above Rs 1.5L cr for past 16 mths’
Crosses Rs 1.65 lakh crore in July, says Sandeep Prakash, Chief Commissioner of Customs and Central Tax, Hyderabad Zone during his keynote address at a seminar organised by the FTCCI
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Hyderabad For the past 15-16 months, the monthly average GST collection was over Rs 1.50 lakh core, said Sandeep Prakash, Chief Commissioner of Customs and Central Tax, Hyderabad Zone. Initially when the Goods and Services Tax (GST) was introduced in 2017-18, the target for everyone working in the GST was to ensure monthly collection of Rs 1 lakh core.
Federation of Telangana Chambers of Commerce and Industry (FTCCI) organised a seminar on '50th GST Council Recommendations' here on Tuesday. While delivering the keynote address, Sandeep Prakash said: "The GST collection increased 22 per cent at Rs 18.10 lakh crore in 2022-23 when compared to the collection in the year 2021-2022.”
The GST collection for the month of July is Rs 1.65 lakh crore, which is 11 per cent more than the previous month. It is for the fifth time the monthly collections surpassed Rs 1.65 lakh crore, shared the Chief Commissioner. Even the Number of Registered Tax assesses have swelled to 1.4 crore, he said, adding that the GST Council is making compliance much easier.
Speaking about the recommendations of 50th GST Council meeting, Mankoskar Surendrakumar Chandrakant Rao, Commissioner - Central Tax, Medchal Commissionerate, said: "The Council has not increased the compliances. It has made several efforts to reduce fake invoices. The much-awaited GST Tribunal will be a reality by the end of this year."
“People said food, clothing and shelter cannot have the same GST. Today, all of them have the same GST of 5 per cent. Sooth sayers said Invoice Matching is not possible in GST. But it proved it other way. Invoice matching is a mechanism under which all the taxable supplies made under GST will be matched against all the taxable supplies received by the buyer,” he added.
Welcoming the gathering Meela Jayadev, President of FTCCI said, “GST Council conducted its 50th meeting on 11th July 2023 in Delhi. The Council has made several important recommendations. GST is marching towards ease of compliance. As these changes are a continuation process, we at FTCCI organise seminars like this at regular intervals to share knowledge.”
