Published 09:06 IST, February 1st 2020

Union Budget 2020: Big boost for Centre as Jan shows 2nd highest GST collection since 2017

The GST collections have crossed the Rs.1,00,000 crore mark for the third consecutive month in January, which is the 2nd highest GST collection since July 2017.

Republic Business
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In encouraging signs for Centre ahead of Union Budget on Saturday, GST collections have crossed Rs.1,00,000 crore mark for third consecutive month. figure for month of January is Rs.1,10,828 crore, which is second-highest GST collection since it was launched in July 2017. Moreover, re has been a 12% growth in domestic transactions. This indicates t just improved compliance and plugging of evasion but also a possible end to slowdown in Indian ecomy.

Read: Budget: India Far From Recession But Saw Slowdown; Expect 6.5% Growth In 2021, Says IMF

GST collection in line with target

As per sources, GST collection is in line with target set by Revenue Secretary Ajay Bhushan Pandey in a high-level meeting with senior tax officials. Until Thursday, number of GSTR 3B returns filed was 8.28 million. re was a special focus on fraudulent input tax credit claims.

Moreover, GST officials examined several aspects such as mismatch of supply and purchase invoices, data analytics of mismatch in GSTR-1, GSTR-2A, and GSTR-3B, failure of filing returns, over-invoicing, recuperation of fake or excess refunds availed beyond permissible limits, etc. According to reports, around 40,000 companies are under scanner for excess or fraudulent input tax credit and or tax-related issues.

Read: Union Budget 2020 LIVE Updates: FM Nirmala Sitharaman Gears Up For Modi Govt's 2nd Budget

Union Budget

This year's Budget assumes tremendous significance as Indian ecomy is facing multiple challenges such as a rise in inflation, unemployment, farmer distress and a dip in GDP growth. government has taken inputs from multiple stakeholders. Sitharaman has also anunced a series of reform measures in last few months to give a boost to ecomy.

In Ecomic Survey 2019-20 tabled on floor of Parliament on Friday, GDP growth for next fiscal year has been pegged at 6-6.5%. This is much more than IMF estimate. Union Finance Minister will present Union Budget at 11 am on Saturday.

Read: Union Budget 2020: Ecomic Survey Shows How Easier India Needs To Be For Business

Read: FULL Ecomic Survey 2019-20: Before Union Budget 2020, Here's Document You Must Read