December 18, 2023
The improvement in compliance was a result of effective policy and systemic changes in the GST framework
The number of active GST taxpayers had grown by 33% in the preceding five years, reaching 13.96 million by April 2023
90% of eligible taxpayers were filing GSTR-3B returns, a notable increase from 68% in the fiscal year 2018
2023 witnessed record-breaking e-way bill generation, the highest number of payment transactions, tax collection, and return filing in a single day
The total number of GST return filings had experienced a 56% increase to 11.28 million over the past five years until April 2023, according to the Ministry of Finance. The Ministry attributed this surge to enhanced compliance by taxpayers.
The ministry conveyed that the improvement in compliance resulted from effective policy and systemic changes in the GST framework. Indirectly quoting the ministry, it was stated that the number of active GST taxpayers had grown by 33% in the preceding five years, reaching 13.96 million by April 2023.
The ministry, sharing data, indicated that by the end of April, 90% of eligible taxpayers were filing GSTR-3B returns, a notable increase from 68% in the fiscal year 2018. As mentioned by the ministry, the GSTR-3B return filing process has been simplified through form enhancements and the introduction of electronic credit and re-claimed statements.
Additionally, the ministry highlighted that 2023 witnessed several milestones, including record-breaking e-way bill generation, the highest number of payment transactions, tax collection, and return filing in a single day. On September 30, a record 4.23 million e-way bills were generated, while April 20 saw the highest payment transactions at 978,000 and recorded the highest tax collections amounting to INR 68,228 crore. Furthermore, on July 20, the highest number of return filings occurred, totalling 3.23 million.
Source: Financial Express