The Indian government expects monthly GST receipts to climb 11% to Rs 1.85 lakh crore from Rs 1.66 lakh crore in FY2024-25. Monthly GST collections are expected to reach Rs 1.80-1.85 lakh crore.
In financial year 2024-25, Revenue Secretary Sanjay Malhotra expects average monthly GST receipts to climb 11% to Rs 1.85 lakh crore from Rs 1.66 lakh crore.
His post-Budget interview predicted an 11% increase in GST receipts to Rs 1.80-1.85 lakh crore per month in the following fiscal year.
GST collections to climb 11% in 2024-25. Monthly collections will rise 11% to Rs 1.80-1.85 lakh crore from Rs 1.67 lakh crore this fiscal. Malhotra said GST collection should continue next fiscal.
In the 2024-25 interim Budget statement, Finance Minister Nirmala Sitharaman acknowledged the GST taxpayer base and monthly revenues growing since its launch. Rs 10.68 lakh crore is estimated in GST receipts next year, up 11.6% from 2023-24’s Rs 9.57 lakh crore.
Malhotra also revealed that entrepreneurs can incorporate until March 31, 2025, for three or 10 years of tax advantages. He noted that the 10% customs duty cut on mobile spare parts and components streamlines taxation, avoids classification problems, and supports mobile manufacturing investment.
Malhotra is confident about Indian cellphone manufacturing and expects this pricing cut to generate Rs 500 crore. The government aims to collect Rs 2.31 lakh crore in customs duty next fiscal year, up from 2.19 lakh crore.
Conclusion
The Indian government expects monthly GST collections to climb 11% to Rs 1.85 lakh crore in 2024-25 from Rs 1.66 lakh crore. GST collections are expected to average Rs 1.80-1.85 lakh crore per month next fiscal year. Startup incorporation dates for tax benefits were extended to March 31, 2025, and the government plans to collect Rs 2.31 lakh crore in customs duty next year.
