The GST collection was 1.05 lakh crore in February 2020, which increased to Rs 1.13 lakh crore in February 2021.
New Delhi| The Goods and Services Tax (GST) collection stood at Rs 1.13 lakh crore in the previous month i. e in February. For the fifth consecutive time, the GST collection has been above Rs 1 lakh crore. The reason for this is that economic activity has been steadily increasing after the coronavirus cases have come down and the government is also making efforts to strengthen the economy.
The data of economic reports like GST is seen by comparing the figures of the same month of the previous year. Accordingly, the GST collection for February increased by 7% year-on-year. That is, the GST collection was 1.05 lakh crore in February 2020, which increased to Rs 1.13 lakh crore in February 2021.
Where is the edge coming from?
GST revenue figures are rising from the tax on goods imported. Revenue from imports in the GST collection increased by 15% over the previous year. This means that imports are increasing after the recovery in the economy, due to which the GST collection is having a good effect. Similarly, the revenue from domestic transactions has also been 5% higher than the previous year. That is, the tax collection achieved by goods transactions in the domestic market is increasing.
For the past 5-6 months, the GST team has been strengthening its IT system. This has prevented forgery. On Monday, the GST team caught fake bills of Rs 656 crore in Maharashtra. This included a total of 48 people and companies. Out of this, 4 have been arrested.
Only last week, the GST team made a personal call to some people, whose business was not even 1 crore rupees. These people were asked why they filled the GST less. That is, the GST team wants to know how the business is doing. It is reported that the GST team is now scrutinizing chartered accountants and hospitals. This is because the Revenue Department has got a difference in the filing of their Income Tax and Indirect Tax. The tax authority has also issued notices to some hospitals in this regard.
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