India's Fiscal Progress: GST Collections Surge to Record High in FY 2023-24
Finance Minister Nirmala Sitharaman reported a consistent upward trend in India’s Goods and Services Tax (GST) collection, emphasizing the fiscal year’s remarkable achievements in a Lok Sabha session.
Q: What is the average monthly GST collection in FY 2023-24?
A: The average monthly GST collection is Rs 1.66 trillion, with a record high of Rs 1.87 trillion in April 2023.
Q: How does this compare to previous fiscal years?
A: It’s an 11% YoY increase from the previous fiscal year, exceeding Rs 1.50 trillion monthly in 2022-23.
Q: What reforms are being implemented for GST compliance?
A: Reforms include GST rate calibration, reduction of exemptions, and tech-driven measures like e-way bills and AI-based analytics.
Q: What’s the government’s approach to pending appeals?
A: The government, following GST Council recommendations, has formed State Benches for dispute resolution. As of October 2023, 14,897 appeals are pending, up from 11,899 in March 2023.
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