Official sources have revealed that collections of GST in India soared to Rs 1.74 lakh crore in June this year, which is 7.7% higher than the same period last year. With this, the total GST revenue receipts in the first quarter of this ongoing fiscal year have touched Rs 5.57 lakh crore. The GST collections had reached their highest-ever level of Rs 1.87 lakh crore in April 2023.
This becomes time synchronization of steady GST collection with strong economic growth and improved country's tax compliance. This regime, on completion of seven years of its implementation, has substantially helped most of the households with a reduction in taxes on essential items such as household appliances and mobile phones; it begs attention toward the finance ministry. The theme of 7th GST Day, "Sashakt Vyapar Samagra Vikas", itself empowers trade for overall growth, underlining the impact on economic resilience by it.
"The implementation of GST has brought cheer and relief to households through reduction in taxes on most items related to household appliances and mobile phones," the ministry said in a message posted on social media. The number of GST taxpayers has increased to 1.46 crore in April 2024 from 1.05 crore in April 2018.
It added that, keeping in view the issues of small taxpayers, the GST Council recommended that taxpayers with an aggregate turnover of up to Rs.2 crores would not be required to file Annual Return for FY 2023-24, which would reduce compliance requirements for them.
Read also | Zomato Faces New GST Demand of Rs 9.45 Crore
Read also | June Sees Surge in India's Manufacturing with Highest Hiring in 19 Years
