The government will also integrate the IT platforms used by customs authorities and GST authorities for scaling up tax compliance using data analytics. The government predicted a revenue buoyancy of over one in the interim budget for FY25, implying faster tax revenue growth compared with the economic growth rate. With this, we hope to sustain tax revenue buoyancy,” said Malhotra. For example, a person who sells something for ₹2 million and is liable to a 5% GST, has to pay ₹100,000 as GST. “GST has given the flexibility to the buyer to make upward revision in the input tax credit available,” Malhotra said.

Source: Mint February 05, 2024 13:33 UTC