According to Vivek Johri, the chairman of the Central Board of Indirect Taxes and Customs (CBIC), GST collection would be the “new normal” in FY24 and is anticipated to average approximately Rs 1.50 lakh crore per month.
According to CBIC Chief Johri, the indirect tax collection target set for the upcoming fiscal year would be met. He said that the GST and customs revenue collection statistics provided in Budget 2023–24 are feasible based on nominal GDP growth and import trends.
He said that CBIC has developed a plan to improve GST mop-up through greater audit and examination of tax filings, enforcement action against bogus billing and input tax credit claims, and more.
“We will focus on increasing the taxpayer base. Even though the growth in the taxpayer base has been quite good, we have more than doubled the number of taxpayers from the time we started Goods and Services Tax(GST), we feel there are some sectors which have much more potential to increase the taxpayer population,” said CBIC chief Johri.
“So I feel we have not reached the saturation level and there is scope for increasing the revenue,” he counted.
The average GST revenue for the current fiscal year is probably going to be about 1.45 lakh crore.
With a total of almost 1.56 lakh crore, the GST collection in January ranked as the second-largest amount ever; the highest amount was 1.6 lakh crore in April 2022.
He claimed to be “certain” that the monthly GST collection of 1.50 lakh crore in the upcoming fiscal year might become the new norm. “There is further scope for growth in GST revenues,” he counted.
The GST income is expected to increase by 12% to Rs 9.56 lakh crore in the 2023–24 budget. The updated projection for the current fiscal places the GST mop-up at Rs 8.54 lakh cr, up from the earlier forecast of Rs 7.80 lakh cr in the Budget last year.
