'Big Data, AI aiding higher tax collection'
Sanjay Kumar Agarwal, chairman, Central Board of Indirect Taxes and Customs (CBIC), tells Fortune India what is driving the buoyancy in GST (goods and services tax) revenues.
Sanjay Kumar Agarwal, chairman, Central Board of Indirect Taxes and Customs (CBIC), tells Fortune India what is driving the buoyancy in GST (goods and services tax) revenues.
GST revenue collection for April stood at record level of ₹1,87,035 crore, up 12% from ₹1,67,540 collected in the same month last year.
The GST revenue collection in the current financial year up to January 2023 is 24% higher than the GST revenues during the same period last year.
The NIPFP study concludes sequencing transition to the new GST rate structure will be important to minimise the cost associated with tax compliance, tax administration and economic distortions.
Gross GST revenue at ₹6,82,365 crore in H1 FY22, against ₹6,06,294 crore in the pre-pandemic period of H1 FY20
The signs of a pick-up hold out hope, but regaining lost ground is the tough task ahead.