Rising Revenue Trend Prompted Government To Estimate 18% Growth In FY20 GST Collections: Ajay Bhushan Pandey
The central government plans to collect over Rs 7.61 lakh crore in Goods and Services Tax next fiscal.
The government has projected over 18 percent growth in GST collections in 2019-20 based on the rising trend in revenue mop up witnessed during the three-month period ending January 2019, Revenue Secretary Ajay Bhushan Pandey said.
The central government plans to collect over Rs 7.61 lakh crore in Goods and Services Tax next fiscal as against the revised estimate of over Rs 6.43 lakh crore to be collected in the current financial year ending March.
However, the collection during this fiscal would be less by Rs 1 lakh crore from the Rs 7.43 lakh crore estimated in the budget for 2018-19.
Last fiscal, our average collection was Rs 89,000 crore. This fiscal, we are averaging Rs 97,000 crore. So, the revenue trend is on an upward scale. If one compares November, December, January of 2017-18 with that of 2018-19, one can see a 14 percent increase. So, based on this assessment, we have given the increase for next year.Ajay Bhushan Pandey, Revenue Secretary
He said during the last one-and-half years, a series of measures, both in rate rationalisation and processes, have been undertaken.
The changes made to the GST system will hopefully lead to consolidation next year, which in turn will result in higher revenue, Pandey told PTI. “Based on that, we have given the estimate.”