The number of GST return filers rose about 65% to 1.13 crore in 5 years till April 2023 as compliance by taxpayers improved, the finance ministry said on Sunday. Also, the number of active taxpayers registered under GST increased from 1.06 crore as of April 2018, to 1.40 crore.
As per data shared by the ministry, 90% of eligible taxpayers are filing GSTR-3B returns by the end of the filing month in the current fiscal year, up from 68% in 2017-18, the first year of GST rollout. "Simplification in Rules and Procedure in GST has resulted in an increase in return filing percentage by eligible taxpayers," the ministry said in a post on X.
A nationwide Goods and Services Tax (GST) was rolled out on July 1, 2017. It subsumed over a dozen local taxes like excise, service tax and VAT. The number of GSTR-3B filers increased from 72.49 lakh in April 2018, to 1.13 crore as of April 2023.
GSTR-3B is the monthly return form for filing outward supplies details and tax payments. "With effective policy and systemic changes in GST, the compliance level in GST return filing has improved over the years," the ministry said in another post on X.
An increase in return filing across the years indicates improvement in compliance level, the ministry added. Monthly collection from GST came in at ₹1.68 lakh crore in November. It is the sixth time that gross GST collection has crossed ₹1.60 lakh crore mark in the current fiscal.
The Goods and Services Tax collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is ₹1.66 lakh crore, Finance Minister Nirmala Sitharaman had said in the Lok Sabha earlier this month. The collection had touched a record ₹1.87 lakh crore in April.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP replaces Poonam Mahajan with lawyer Ujjwal Nikam for Mumbai North Central Lok Sabha seat
Apr 27, 2024 7:53 PM
Meet Amritpal Singh, the separatist leader contesting Lok Sabha polls from Punjab's Khadoor Sahib
Apr 27, 2024 7:18 PM