Expectation of INR 1 Lakh CR GST Collection in February 2021

There is an expectation of Rs 1 lakh cr GST collection for the straight 5th month in Feb converting it to the highest sustaining collection ever where its indirect tax regime was launched in July 2017 which shows the reliable economic return.

The early prompts like the GST e-way bills generated Get to know about GST E Way bill and its generating process through online and SMS in a simple manner. Also, we have attached original screenshots of official E way bill portal for better understanding generated in 1st three weeks of Feb provide the GST collections in February will be in excess of Rs 1 lakh cr and this shows the enhancement from the previous year in the same month the 2 officials have been aware of the concern which pleased the anonymity. In February 2020 GST revenue collection was ₹1.05 lakh crore.

As per the council, various e-way bills generated in Feb month was 52 million with respect to 62.8 million in January, in which the GST collections have crossed to nearly Rs 1.20 lakh cr. The e-way bill has been important for the intrastate transfer of goods.

Another individual said “With numbers [of e-way bill and revenue collection] for seven more days yet to come, we expect significant GST collection,”

The experts credit 2 special factors for improving the GST collections: an effective economic recovery post the resumption of economic and trade objectives after the covid-19 lockdown and more effective compliance.

The Indian economy has been shrinking by 23.9% for the 1st quarter of the present FY due to 68-day lockdown affected from 25th March which gets recovered to the contract by slower 7.5% in the September 30 which is the end quarter. The vaccine which was launched on 16 January gives rise to the economy which the International Monetary Fund (IMF) projects will prolong the 11.5% in 2021-22 and the Economic Survey projects shall publish substantial growth of 11%.

The GST Council Get to know about GST (Goods and Services Tax) council 1st to 42th meeting updates and decisions taken by members. We have covered 1st meeting to last meeting decisions uses data analytics and artificial intelligence (AI) to monitor the tax evaders, said the 1st official. For the cheaters, there is sharing of data to various agencies like income-tax department, customs, and the Enforcement Directorate (ED) and they can be caught easily from this.

“While the pinpointed exercise has eliminated overreach, on the one hand, it has made it difficult for unscrupulous elements to take the fake input tax credit. Thus tax leakage has been plugged to a great extent,” told the officials.

MS Mani, senior director at consulting firm Deloitte India, stated: “The continuing uptick in e-way bill generation in February, accompanied by the series of anti-evasion measures taken by the GST authorities, has the potential for translating into significantly higher GST collections for February.”

If in Feb the GST collection crosses Rs 1 lakh cr then it resembles strong signals towards economy return post to the lockdown said Rajat Bose, a partner at law firm Shardul Amarchand Mangaldas and Company.

He added that “The crackdown on fraudsters and evaders and constriction of credit availment provisions also has a large role to play in increasing compliance and ensuring timely payment of GST. This will also be a confidence booster for global investors and they will be looking to fast-track their India investment plans, which had taken a back-seat in the last year,”