Open AccessAnalytical Study of the Continuous Increase in Tax Collection Due to GST Recovery in the Indian Economy
Author(s) -
Ajay Krishna Tiwari,
Mr. Devendra Singh Khatana
Publication year - 2022
Publication title -
international journal for research in applied science and engineering technology
Language(s) - English
Resource type - Journals
ISSN - 2321-9653
DOI - 10.22214/ijraset.2022.41834
Subject(s) - crore , receipt , business , tax court , legislature , economy , income tax , finance , economics , accounting , public economics , law , political science , economic growth , poverty , taxpayer
The present research paper is based on in-depth research analysis of the continuous growth in tax collection due to GST collection in the Indian economy. GST was implemented on 01 July 2017 across the country under a single tax in the Indian economy. In April 2020 Till now the minimum GST collection was INR32172 crore whereas the highest ever GST collection was done. 141384 crores have happened in April 2021 (despite the second wave of the corona). GST compensation by the Center In the form of 23 states and 3 centers by taking loans on behalf of the states and union territories having legislative assemblies. Estimated compensation of INR 110000 crore in 20 installments between 23 October 2020 to 15 March 2021 in the governed territories. More than 100% of INR110208 crore was distributed. Apart from this, by 15 March 2021, all a loan of INR 106830 crore was raised by 28 states from the open market. Tax evasion in the GST regime Fake Input Tax Credit (ITC) has been a big problem since its inception. Even today not only normal Trade INR but also star exporting are evading tax by using fake ITC and defrauding the government. are putting In the last 02 financial year, the GST Council, in its many meetings, discussed many important issues like H. SN Code, Changes in the current structure of GST, Compulsory E-bill, a Cash deposit of GAT, GST Physical verification of registrations, action against CAs involved in fake invoices, GST refund, on receipt of bills Decisions were taken on reward, reduction in GST on electric vehicles, etc. Keywords: GST Collection, Indian economy, estimated compensation, Input Tax Credit, GST Council, GST refund.