KARNATAKA’S GST COLLECTION ARE ON THE RISE
When compared to the same period in the previous financial year (2020–21), gross goods and services tax (GST) revenue collections in Karnataka increased by 51% in the first eight months of the current financial year (April to November).
The state’s GST collection for the April–November period of this fiscal year was 54,517.94 Crore, up from 35,991.61 crore in the same period of the previous fiscal year, a 51 percent increase.
The recent trend of rising GST receipts, according to the Union Finance Ministry, is the outcome of several legislative and administrative reforms implemented in the past to increase compliance.
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Experts in the field said that increased GST collection in Karnataka and other states was due to a revival of economic activity, as well as multiple compliance measures such as blocking of e-way bills and pausing (stopping) of input tax credit for non-filers taken by tax authorities to combat evasion.
In the first eight months of the 2018-19 and 2019-20 fiscal years, Karnataka’s GST income was 33,793.74 crore and 40,295.29 crore, respectively.
GST revenue in the current fiscal year reached five digits in two months, according to State Government sources: $12,338.21 crore in July and $13,915.86 crore in October. Only in the months of May, June, and August did GST collections fall below 5,000 crore, owing to COVID-19-induced economic limitations in the state. With four months left in the current fiscal year, the State is likely to achieve the greatest GST collection in 2021–22 since the NDA government introduced the new tax regime in July 2017.
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The state’s commercial taxes are likely to surpass the amount of 82461.71 crore in the current fiscal year. In the first eight months, commercial tax collections totaled 68,618.27 crore.
Karnataka’s commercial taxes additionally include a sales tax on gasoline and fuel, as well as a professional tax. In the first eight months of 2021–22, sales tax income totaled 13,386.69 crore, while professional tax revenue totaled 713.64 crore.
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