Number of GST return filers up 65% to 11.3 mn in 5 years: Finance ministry
“The Finance Ministry reported a significant surge of approximately 65 percent in GST return filers, reaching 11.3 million within a span of 5 years until April 2023. This increase was attributed to enhanced compliance among taxpayers.
Moreover, the count of active taxpayers enrolled under GST rose from 10.6 million in April 2018 to 14 million.
According to ministry data, 90 percent of eligible taxpayers are now submitting GSTR-3B returns by the conclusion of the filing month in the ongoing fiscal year. This marks a substantial rise from 68 percent recorded in the initial year of GST implementation in 2017-18.
“The Ministry highlighted that the streamlining of rules and procedures within GST has notably bolstered the filing percentage among eligible taxpayers,” stated the ministry in a post on X.
The nationwide introduction of Goods and Services Tax (GST) on July 1, 2017, replaced numerous local taxes such as excise, service tax, and VAT.
The count of GSTR-3B filers escalated from 7.24 million in April 2018 to 11.3 million as of April 2023.
GSTR-3B serves as the monthly return form for reporting details of outward supplies and tax payments.
“With the implementation of effective policies and systemic modifications in GST, the compliance rate in GST return filing has shown significant improvement over time,” the ministry further expressed in another post on X.
The progressive increase in return filings over the years signifies an enhancement in compliance levels, added the ministry.
The GST monthly collection stood at Rs 1.68 trillion in November, marking the sixth occasion where gross GST collection surpassed the Rs 1.60 lakh crore mark in the ongoing fiscal year.
Since its inception on July 1, 2017, Goods and Services Tax collection has consistently exhibited an upward trajectory on an annual basis. Finance Minister Nirmala Sitharaman informed the Lok Sabha earlier this month that the average gross monthly collection in the current fiscal year stands at Rs 1.66 trillion.
The collection had touched a record Rs 1.87 in April.
Source from: https://www.business-standard.com/finance/news/number-of-gst-return-filers-up-65-to-11-3-mn-in-5-years-finance-ministry-123121700306_1.html