GST collection: Rising trend continues in Assam

GUWAHATI: In the last few years, the GST collection in the state has been gradually increasing due to various reasons.

In the last financial year of 2022-23, the GST collection in the state amounted to Rs 12,500 crore, and this year, it is expected that the collection may go up to Rs 15,000 crore.

The GST collection in the state during 2017-18 was Rs 5,057 crore. The GST amount collected marked an increase to Rs 12,500 crore in 2022-23.

According to the latest report released by the Reserve Bank of India, in the month of November this year, the GST collection in the state was Rs 1,232 crore. From April to November this year, the GST collection in the state was Rs 9,533 crore. In view of the rising trend of GST collection displayed so far, it is expected that the collection will touch Rs 15,000 crore by March 2024. The report said that the eight NE states, including Assam, have registered a compounded annual GST hike of 27.5%.

The primary reasons attributed to the increase in GST collection are increasing consumption, action against tax evaders, and the formation of a task force to check the tax evasions, among others, said sources.

Recently, Finance Minister Nirmala Sitharaman said that Assam was the first state to ratify the GST Act, four days after it was passed in Parliament, and since then, there has been a 12-fold increase in the collection of taxes in the state.

Sources said that the government has implemented a number of reform initiatives in the finance sector to ensure transparency and accountability, which has played a key role in the significant growth of revenue collection. There has been a considerable increase in revenue receipts for the government in the last two years. This growth in the state's own revenue is reflected in all segments-taxation, excise, forest, land revenue, transport, etc.

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