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Tax Compliance Under GST 15 Per Cent Higher Than VAT, 1.5 Lakh New Taxpayers Being Added Every Day
Representative image. (Pixabay/Jarmoluk)
Tax compliance under NDA government’s flagship tax reform Goods and Services Tax (GST) is 15 per cent higher than the previous tax regime, despite having more registered tax filers, reports The Hindu BusinessLine (BL).
“It needs to be noted that the compliance rate of GST is about 15 per cent better than the compliance under VAT and service tax. Also 100 per cent filing does not take place anywhere in the world,” said Prakash Kumar, CEO of Goods and Services Tax Network in an interview with BL.
Kumar noted that it recently surpassed the one crore tax filers mark and that presently around 1-1.5 lakh new taxpayers are being added every day. “An average of 28 to 30 crore invoices are uploaded in the system every month. There are all business-to-business invoices...Every day around 20-22 lakh e-way bills are generated between Monday and Saturday,” he added.
Robust Collections
Also in January, collections under GST crossed the Rs 1 lakh crore mark. This was the third time since the introduction of the new indirect tax regime when indirect tax mobilisation exceeded Rs 1 lakh crore. The Ministry of Finance said that the increase had been achieved despite various tax relief measures implemented by the GST Council to lower the tax burden on the consumer.
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