Bihar

• 03 Apr 2024

Bihar Records 18% Rise in Tax Collection in 2023-24

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.