GST collections in India have showcased consistent growth annually since its implementation on July 1, 2017, reaching an average monthly gross collection of Rs 1.66 lakh crore in the current fiscal year, according to Finance Minister Nirmala Sitharaman. The minister highlighted that each month of the ongoing fiscal year has witnessed GST collections surpassing the Rs 1.50 lakh crore mark, with a record high of Rs 1.87 lakh crore achieved in April 2023.
Sitharaman emphasized the upward trajectory in GST collections year-on-year since its rollout, indicating an 11% increase in the average monthly collection for the current fiscal year compared to the preceding financial year. The average monthly GST collection in 2022-23 stood above Rs 1.50 lakh crore, marking notable growth from Rs 1.23 lakh crore in 2021-22 and Rs 94,734 crore in 2020-21.
Esta historia es de la edición December 05, 2023 de The Business Guardian.
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Esta historia es de la edición December 05, 2023 de The Business Guardian.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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![MADHYA PRADESH HIGH COURT: NON-FUNCTIONALITY OF TRACES PORTAL CAN'T BE GROUND TO DENY BENEFIT OF STATUTORY RIGHT TO ASSESSEE [INCOME TAX]](https://reseuro.magzter.com/100x125/articles/26854/1859986/0rWofE2tI1728595688152/MADHYA-PRADESH-HIGH-COURT-NONFUNCTIONALITY-OF-TRACES-PORTAL-CANT-BE-GROUND-TO-DENY-BENEFIT-OF-STATUTORY-RIGHT-TO-ASSESSEE-INCOME-TAX.jpg "MADHYA PRADESH HIGH COURT: NON-FUNCTIONALITY OF TRACES PORTAL CAN'T BE GROUND TO DENY BENEFIT OF STATUTORY RIGHT TO ASSESSEE [INCOME TAX]")
MADHYA PRADESH HIGH COURT: NON-FUNCTIONALITY OF TRACES PORTAL CAN'T BE GROUND TO DENY BENEFIT OF STATUTORY RIGHT TO ASSESSEE [INCOME TAX]
The Madhya Pradesh High Court in the case Birla Corporation Limited v. Principal Commissioner of Income Tax (It And Tp) And Others observed and has made it clear that non-functionality of Income Tax Department's TRACES Portal cannot be grounds for denying the benefit arising to an assessee under statutory provisions of the Income Tax Act, 1961.
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