BENGALURU: The main sources of revenue -- stamps and registration, transport and excise -- are no match for GST. Karnataka collected an impressive Rs 10,317 crore by way of GST. The GST collections are looking robust with the new government coming to power. Karnataka is consistently second only to Maharashtra in GST collections. Karnataka’s revenues were appreciably higher than Gujarat’s Rs 9,800 crore and Tamil Nadu’s Rs 8,953 crore.
Karnataka’s revenue for May recorded a modest 12% increase when compared to Rs 9,232 crore during the same period last year. The overall India’s GST collection too showed a 12% increase when compared to that of the same period last year. GST collections are good because of higher compliance and also e-invoicing. Shortly e-invoicing will be mandatory for a smaller threshold of business.
Commercial Taxes Commissioner Shikha said, “Currently, the threshold for business annual turnover above Rs 10 crore is required to issue e-invoicing. This will be reduced to Rs 5 crore with effect from August this year.’’
Sources said e-Invoicing will become mandatory from August 1 and the department will hold webinars and other programmes to make various facilities and tools of e-invoicing generation available and this will streamline GST collection better in the coming months.