The authorities expects the typical monthly Goods and Services Tax (GST) collections to improve by 11 per cent to attain round Rs 1.85 lakh crore in the fiscal 12 months 2024-25, in contrast to roughly Rs 1.66 lakh crore in the present fiscal 12 months, in accordance to Revenue Sanjay Malhotra.
He talked about in a post-Budget interview that the GST collections are anticipated to grow by about 11 per cent in the following fiscal 12 months, making Rs 1.80-1.85 lakh crore monthly collections the brand new regular.
“GST collections are expected to grow about 11 per cent in 2024-25. If the monthly collection is Rs 1.67 lakh crore this fiscal, a growth of 11 per cent would be Rs 1.80-1.85 lakh crore monthly collections. This should be the new normal for GST collection in the next fiscal,” Malhotra mentioned.
In the 2024-25 interim Budget speech, Finance Minister Nirmala Sitharaman highlighted the doubling of the GST taxpayer base and monthly revenues since its launch. The estimated GST collections for the following fiscal 12 months are Rs 10.68 lakh crore, reflecting an 11.6 per cent progress over the Rs 9.57 lakh crore mop-up in 2023-24.
Additionally, Malhotra shared that the incorporation date for startups to avail of tax advantages for 3 out of ten years has been prolonged by a 12 months till March 31, 2025. He additionally talked about that the customs obligation lower in cellular spare components and parts to 10 per cent is aimed toward simplifying the tax construction, lowering classification disputes, and inspiring additional funding in cellular manufacturing.
The income implication of this obligation lower is estimated to be about Rs 500 crore, and Malhotra expressed optimism concerning the influence on the cellular manufacturing sector in India. The authorities goals to gather Rs 2.31 lakh crore in customs obligation in the following fiscal 12 months, in contrast to Rs 2.19 lakh crore in the present fiscal 12 months.
(With PTI inputs)
