GST is 6 years old, the collection has broken the record, 1.5 lakh crore rupees come to the treasury of the government every month

Goods and Services Tax (GST) was implemented in the country 6 years ago. Today GST has completed 6 years. There was a time in the country when the GST collection of 1 crore was a big deal. Now there is more than 1.5 lakh crore GST collection every month. GST has a huge contribution to the tax revenue of the Government of India.

Jun 30, 2023 - 13:44
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GST is 6 years old, the collection has broken the record, 1.5 lakh crore rupees come to the treasury of the government every month

GST was implemented to control tax evasion and tax in the country. GST was implemented in the country on 1st July 2017. The full form of GST is Goods and Services Tax. It has been brought under the Indirect Tax Reforms. In the initial phase, the GST collection in the country was only Rs 85,000-95,000 crore.
At the same time, in April 2023, this collection reached 1.87 lakh crores. This is the highest level ever. Many challenges have also been faced in collecting such a large number of GST in the country. Along with this, many successes have also come in the revenue of the country. Let us know about the success and challenges of GST.
The Board of Indirect Taxes and Customs has detected 11,140 GST fraud cases in a month. Tax evasion is estimated to be Rs 15,000 crore from these cases. The GST Council has detected tax evasion cases worth Rs 3,00,000 crore since 2016. The council estimated tax evasion of Rs 3 lakh crore in July 2017.
GST has proved to be very effective in controlling tax evasion. Tax authorities are trying many new methods to prevent tax fraud. GST officials have started using data analysis, AI, and machine learning to nab shell companies after claiming Input Tax Credit (ITC).
  According to the Global Trade Research Initiative, the GST system is very important. Through this, bogus claims of ITC can be stopped. The government is facing losses due to tax evasion. Along with this, honest businessmen also face problems. There is a dire need for the government to pay attention to this. Piracy cannot be stopped by data analysis alone.
To make GST rates uniform across the country, there is a need to impose GST on petrol, diesel, and jet fuel. Along with this, there is a need to take a decision on GST rates on online gaming, crypto transactions, and EV charging infrastructure.

Muskan Kumawat Journalist & Writer