Upcoming changes in GSTN and its impact on the present GST return filing system

80% of Gujarat's GST revenue comes from 1.3% taxpayers

AHMEDABAD: Signalling the substantial growth of large corporations in Gujarat, about 1.3% of the state's taxpayers contribute 80% to its revenue through GST.

Gujarat is home to some 11.44 lakh taxpayers, of which 15,000 contributed 80% (Rs 44,860 crore) to the state's revenues from GST, according to data compiled by the state commercial tax department.

The top 10 taxpayers comprise large corporations such as Reliance Industries Limited, L&T Infrastructure, Indian Oil Corporation, Ultratech Cement, Essar Steel, Suzuki Motor Gujarat, Birla Copper unit of Hindalco Industries, Oil and Natural Gas Corporation, Steel Authority of India and LIC Gandhinagar division. These 10 corporations cumulatively accounted for Rs 7,339 crore of revenues to the state through GST during the fiscal year 2022-23, making 13% of the state's income during the year, according to the GST department

The income from GST in Gujarat stood at Rs 56,064 crore during the current fiscal year.

The revenue from GST in Gujarat stood at Rs 56,064 crore during the current fiscal year. This increased 23% in a year compared to Rs 45,464 crore in 2021-22. "Being an industrial hub, Gujarat is home to several large corporations.

Their sizeable contribution signals a positive growth of their business in Gujarat. It also reflects the prosperity of people and other small businesses of the state," explained a source in the state commercial tax department.

Sources revealed that a few of these corporations have significant contributions to the national tax mop-up as well through CGST as well as IGST revenues to the country's exchequer.

"All the 15,000 entities are closely monitored by the SGST department for necessary compliances," sources added.

SGST officials confirmed that Gujarat ranks first in the country in terms of GST compliances, with 98.46% of the eligible taxpayers filing returns in 2022-23. Some 85.48% taxpayers filed returns within deadlines, during the year.

Source::: THE TIMES OF INDIA, dated 30/06/2023.