Bihar Records 18% Rise in Tax Collection in 2023-24 | 03 Apr 2024
Why in News?
The Commercial taxes department has witnessed a rise of 18.13% in Goods and Services Tax (GST) collection in the financial year 2023-24 as compared to 2022-23.
Key Points
- The department collected Rs 1,058 crore GST in state in March, the highest in the last seven years.
- The monthly overall revenue of Rs 5,403.15 crore collected in March is the highest in any given month so far.
- The state collected a total revenue of Rs 38,161 crore in GST and other taxes in 2023-24, as compared to Rs 34,541 crore in the 2022-23 financial year.
- According to the department, special focus was on the service sector, GST audits, issue-based adjudication and Enforcement Directorate action against tax evasion.
- Suppliers at panchayat-level were brought under the purview of the State Goods and Services Tax (SGST).
Directorate of Enforcement (ED)
- It is a multi-disciplinary organisation mandated with investigation of offences of money laundering and violations of foreign exchange laws.
- It functions under the Department of Revenue of the Ministry of Finance.
- As a premier financial investigation agency of the Government of India, the Enforcement Directorate functions in strict compliance with the Constitution and Laws of India.