The government expects the average monthly Goods and Services Tax (GST) collections to increase by 11 per cent to reach around Rs 1.85 lakh crore in the fiscal year 2024-25, compared to approximately Rs 1.66 lakh crore in the current fiscal year, according to Revenue Sanjay Malhotra.
He mentioned in a post-Budget interview that the GST collections are expected to grow by about 11 per cent in the next fiscal year, making Rs 1.80-1.85 lakh crore monthly collections the new normal.
"GST collections are expected to grow about 11 per cent in 2024-25. If the monthly collection is Rs 1.67 lakh crore this fiscal, a growth of 11 per cent would be Rs 1.80-1.85 lakh crore monthly collections. This should be the new normal for GST collection in the next fiscal," Malhotra said.
In the 2024-25 interim Budget speech, Finance Minister Nirmala Sitharaman highlighted the doubling of the GST taxpayer base and monthly revenues since its launch. The estimated GST collections for the next fiscal year are Rs 10.68 lakh crore, reflecting an 11.6 per cent growth over the Rs 9.57 lakh crore mop-up in 2023-24.
Additionally, Malhotra shared that the incorporation date for startups to avail of tax benefits for three out of ten years has been extended by a year until March 31, 2025. He also mentioned that the customs duty cut in mobile spare parts and components to 10 per cent is aimed at simplifying the tax structure, reducing classification disputes, and encouraging further investment in mobile manufacturing.
The revenue implication of this duty cut is estimated to be about Rs 500 crore, and Malhotra expressed optimism about the impact on the mobile manufacturing sector in India. The government aims to collect Rs 2.31 lakh crore in customs duty in the next fiscal year, compared to Rs 2.19 lakh crore in the current fiscal year.
(With PTI inputs)
READ MORE: Finance Minister Nirmala Sitharaman defers equity support to oil companies to next fiscal year
READ MORE: Apple India December quarter revenue surges to record high on robust iPhone sales: Tim Cook
Latest Business News
