Government May Simplify Monthly GST Collection Statements

The government may discontinue the monthly release of detailed GST collection statements, opting instead for a shorter version, according to a source familiar with the matter. Traditionally, the finance ministry has published comprehensive GST collection data on the first day of each month. However, a more succinct format may replace this practice.

As of July 1, 2024, GST collections for the month of July stand at Rs 1.74 lakh crore, according to sources. Despite this, an official statement detailing the collections has not yet been released.

Ministry officials have cited the need for “clarity” as a reason for this potential change, suggesting that a shorter version of the monthly GST collection statement could improve the transparency and understanding of the data.

Former Chief Economic Adviser Arvind Subramanian recently expressed concerns on social media platform X about India’s GST numbers, emphasizing the importance of focusing on net revenues after refunds rather than just headline collections.

The new, shorter statement is expected to include headline figures such as total collections, Central GST, and State GST numbers. However, a final decision on whether to adopt this streamlined reporting format has yet to be made.