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The country's gross GST collections could rise to Rs 4 lakh crore to Rs 5 lakh crore every month in the coming years, provided systemic loopholes in the indirect tax framework are fully plugged, according to the State Bank of India's (SBI) Group Chief Economic Advisor and member of the 16th Finance
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If systemic loopholes in the indirect tax framework are fully plugged, the country's gross GST collections could rise to Rs 4 lakh crore to Rs 5 lakh crore every month.
GST collections have doubled in the last five years, with average monthly gross GST collections growing from below Rs 1 lakh crore to over Rs 2 lakh crore.
In October, India's gross GST collections were Rs 1.96 lakh crore, showing a 4.6% year-on-year increase.
The Union Budget has projected the GST kitty to hit Rs 25 trillion for FY26.
A better indirect tax structure can better subsidise direct taxes.
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