GST tax revenue is 1.43% of nominal GDP growth, reflects increased compliance levels
(11:34, 29 Sep 2023)

Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs (CBIC) has said that when India is rising as a global force in international trade and when our interconnectedness has transcended geographical boundaries, the challenge of illicit trade looms larger than ever before. Addressing the inaugural of the two-day 9th edition of 'MASCRADE 2023', organized by FICCI CASCADE, Agarwal said that illicit trade undermines national security, risks legitimate manufacturing, leaks government revenue, jeopardizes public health and safety, and erodes the trust of consumers and investors alike.

Tackling this issue is fundamental for safeguarding India's economic stability, ensuring fair competition, and fostering an environment conducive to sustainable growth and ease of doing business. CBIC plays a crucial role in the fight against illicit trade in its entirety. Agarwal said that month after month the GST revenue has crossed the mark of Rs 1.6 lakh crores. The GST revenue collection was Rs 1.87 lakh crores in April this year, the highest ever. The buoyancy of revenue collection is 1.43% of nominal GDP growth, meaning thereby that growth in revenue collection is not only by GDP growth, but a major contribution is made by increased compliance levels.

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