According to reports, the Finance Ministry has scheduled a meeting for April 4, 2023, to carefully examine the current GST systems and the functioning of the GSTN portal. The need for this emerged because plans are in motion for the GST system to integrate technologies like advanced data analytics and artificial intelligence over the coming year. This will be done to be able to identify tax evaders accurately. The department is now looking for strategies to completely close all of the gaps that currently exist.
In March 2023, the Goods and Services Tax (GST) reached its second-highest level ever. According to information provided to Moneycontrol by reliable sources, a meeting will be conducted on April 4, 2023, to analyze and discuss in-depth issues related to the operation of the GSTN portal and the overall GST systems and procedures. Revenue Secretary Sanjay Malhotra will preside over this particular meeting.
The CEO of GSTN and the relevant Central Board of Indirect Taxes and Customs members will also be present. Discussions will cover a wide range of subjects, including the practical ways of submitting tax returns and the current technical challenges. In addition, the GST Network is responsible for providing backend technology provisions.
The amount of GST collected in March 2023 was Rs. 1.60 lakh crore. This is a 13% increase and the second biggest tax collection since July 2017, when the idea of indirect tax was introduced. In April 2022, the GST collection reached a record high of Rs. 1.68 lakh crore. In March, GSTR-1 invoices increased by 93.2%, and GSTR-3B returns by 91.4%. Estimates indicate that the amount of GST collected will increase further in April 2023. The purpose of the meeting is to ensure that the GST portal functions appropriately for the upcoming fiscal year. The Centre’s GST revenue for FY23-FY24 is projected to increase by 12%, amounting to Rs. 9.56 lakh crore compared to Rs. 8.54 lakh crore in FY22-FY23.
If the state GST is also considered, the average monthly GST collection for FY 23–24 will likely be Rs. 1.6 lakh crore. This is attainable through the removal of leakages, the tightening of e-way bills, and the implementation of further enforcement mechanisms. The increase in collections can also be attributed to inflation.
It was in the year when the overall functioning of the portal faced a lot of criticism from taxpayers, compelling the Finance Ministry to extend the last date for filing returns. This has been duly discussed with Infosys, responsible for looking after the GSTN backend.
On July 1, 2017, the GST was implemented. During that very month, Rs. 95,633 were collected. Until its current growth to Rs. 1.6 lakh crore in March 2023, the epidemic saw a significant decline. The increase in tax revenues demonstrates that rules are in place. According to information supplied with Moneycontrol by the Senior Partner of AMRG & Associates, Rajat Mohan, the identification of tax evaders will now depend on the implementation of modern data analytics and AI.