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Tax experts hailed the record-breaking GST collection of Rs 2.10 lakh crore in April, attributing it to a robust economy and effective audit and scrutiny by the tax department. They anticipate this achievement to pave the way for further tax reforms after the formation of the new government. The surge in collection is seen as a result of higher self-compliance, better enforcement measures, and increased consumer spending on items like air conditioners and beverages to combat the summer heat.

GST revenues at all-time high of Rs 1.68 lakh cr in April : Rashtra News #GST #revenues #alltime #high #lakh #April HighlightsThe increase is mainly because of improved compliance and recovery in business activity During the month, 1.06 crore GST returns from GSTR-3B were filed Revenues from import of goods were 30 per cent higher

At this pace, the mop-up is likely to be around Rs 19 lakh crore in the fiscal ending on March 31, 2024, exceeding the estimate of Rs 18.23 lakh crore in the 2023-24 Budget.

Interim Budget: Direct tax collections, comprising personal income tax and corporate tax, are expected to surpass Rs 19 lakh crore in the current fiscal year, providing room for people-friendly tax measures. The collections have grown by 20%, and at this pace, the mop-up is likely to be around Rs 19 lakh crore, exceeding the estimate in the 2023-24 Budget.

Over the years, the government has been trying to make the tax regime simpler with lower rates and fewer exemptions