Record GST collection reflects India's economic strength and mature GST ecosystem: ICAI President

Ranjeet Kumar Agarwal, President of the Institute of Chartered Accountants of India (ICAI), emphasized the significance of the record-breaking Gross GST collection for the financial year 2023-24, which surpassed the Rs 20 lakh crore mark. He noted that this achievement not only signifies improved compliance but also reflects broader economic activity and consumption trends, indicating a maturing GST ecosystem.

"The continuous increase in GST collection is indicative of a maturing GST ecosystem," President Agarwal stated.

The Gross GST collection for FY 23-24 totaled Rs 20.14 lakh crore, marking a substantial 11.7% increase compared to the previous fiscal year. Particularly noteworthy was the month of March, which witnessed an 11.5% rise on an annual basis, culminating in a collection of Rs 1.78 lakh crore. This figure represents the second-highest collection since the inception of GST in July 2017.

President Agarwal highlighted ICAI's continuous efforts in disseminating knowledge and engaging with the government for the smooth implementation of GST, with the aim of enhancing tax compliance and fostering inclusive development.

"As stakeholders in India's economic landscape, Chartered Accountants remain committed to supporting businesses in navigating the complexities of GST compliance, fostering transparency, and contributing to the nation's growth trajectory," affirmed President Agarwal.

He further urged members, stating, "Let us continue to uphold the highest standards of professionalism and integrity as we navigate through these dynamic economic landscapes, contributing to the nation's progress and prosperity."

President Agarwal also spotlighted ICAI's initiatives, noting that over 11,000 programs, conferences, and workshops on GST have been organized, engaging more than 12.50 lakh participants over seven years. Additionally, capacity-building programs for over 6,500 officials and strategic partnerships with state tax departments aim to promote an efficient and transparent indirect tax regime. The significant contribution of ICAI was acknowledged by Prime Minister Narendra Modi, the ICAI president highlighted.