Record-Breaking GST Collection: Monthly Average Hits Rs 1.66 Lakh Crore in FY 2022-23, Nirmala Sitharaman Reveals.

Record-Breaking GST Collection: Explore the latest financial update as Finance Minister Nirmala Sitharaman discloses a remarkable monthly GST collection of Rs 1.66 lakh crore in the current fiscal year.

Discover key insights on the upward trajectory, the $5 trillion target, income tax returns, and new regulations in the crypto exchange domain.

GST Collection: Average monthly GST collection in the current financial year reached Rs 1.66 lakh crore, Nirmala Sitharaman gave information.

Finance Minister Nirmala Sitharaman told Parliament on Monday that the average monthly collection so far in the current financial year is Rs 1.66 lakh crore.

While giving a written reply to a question in the Lok Sabha, Sitharaman said that GST collection remained more than Rs 1.50 lakh crore in every month of the current financial year and reached a record high of Rs 1.87 lakh crore in April 2023.

Record-Breaking GST Collection: More than Rs 1.5 lakh crore GST collection in 2022-23.

The average monthly GST collection in 2022-23 was more than Rs 1.50 lakh crore. This figure was Rs 1.23 lakh crore in 2021-22 and Rs 94,734 crore in 2020-21.

In response to another question, Minister of State for Finance Pankaj Chaudhary said that the average monthly GST collection for 2021-22 and 2022-23 has registered a year-on-year increase of 30 percent and 22 percent.

5 trillion dollar target.

Minister of State for Finance Pankaj Choudhary said on Monday that the country is moving towards the goal of becoming a developed economy by 2047 and will become a five trillion dollar economy at the beginning of Amrit Kaal.

The International Monetary Fund (IMF) has projected India to become the world’s third-largest economy at $5 trillion in 2027-28. Figures have also been presented in this regard.

Data released regarding ITR.

Minister of State for Finance Pankaj Chaudhary told the Lok Sabha that till December 2, 7.76 crore tax returns for income earned in 2022-23 have been filed and more are expected to be filed by the end of this month.

In the financial year 2022-23, 10.09 crore PAN holders paid tax for the income earned in 2021-22.

The last date for filing income tax returns (ITR) for income earned in 2022-23 was July 31, 2023. Those who want to file returns after the due date can do so till December 31 by paying a penalty.

The total net direct tax collection during 2022-23 is Rs 16.63 lakh crore, of which income tax collection is Rs 8.08 lakh crore.

New rules regarding crypto exchange.

Minister of State for Finance Pankaj Chaudhary said 28 Virtual Digital Assets (VDA) service providers, including WazirX, Coin DCX, and Coinswitch, have registered themselves with the Financial Intelligence Unit.

The Finance Ministry had said in March this year that companies working in VDA, crypto exchanges, and intermediaries will be considered reporting units under PMLA.

Crypto exchanges and intermediaries are required to conduct KYC of their customers and platform users.

Coal India’s Future Plan.

Coal and Mines Minister Pralhad Joshi told Parliament on Monday that Coal India Limited has started work to mobilize all the resources required to achieve the one billion tonne annual production target.

The company hopes to achieve a production of one billion tonnes by 2025-26. ONGC will start commercial production of crude oil from the Krishna Godavari basin in May next year.