homevideos Newsfinance NewsUse of technology will allow government to plug leakages and increase GST collection trend: CBIC
Use of technology will allow government to plug leakages and increase GST collection trend: CBIC
India's gross Goods and Services Tax (GST) revenue in June — coupled with economic recovery and anti-evasion activities — was 56 percent higher than a year ago at Rs 1,44,616 crore. GST revenues now have clocked over Rs 1 lakh crore for the past 11 months.
India's gross Goods and Services Tax (GST) revenue in June — coupled with economic recovery and anti-evasion activities — was 56 percent higher than a year ago at Rs 1,44,616 crore.
GST revenues now have clocked over Rs 1 lakh crore for the past 11 months.
As GST completes five years, Vivek Johri, Chairman of CBIC, in an interview with CNBC-TV18 said better enforcement through technology will allow the government to continue the GST collection trend.
“In the first three months of 2022, we have had very healthy and robust revenue collections. I am very confident that with the measures we have taken on plugging leakages and on ensuring better enforcement through the use of technology — AI, ML, Big Data etc, I think we should be able to continue with this collection trend.”
Johri said there are no fundamental design issues with GST. He expects positive impact of at least Rs 3,000-4,000 crore per month on account of the GST Council’s decision on correction of duty inversions and removal of exemptions.
“I don’t think there are any fundamental design issues with GST. However the rate structure, proliferation of exemptions, inverted duty structure etc have been a concern from a revenue point of view as well as from economic logic it is harmful to trade and industry. The two aspects which the GoM addressed and which have been agreed by the council pertaining to correction of duty inversions and removal of exemptions, will have a very positive impact of at least Rs 3,000-4,000 crore per month.”
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