Revenue Secretary Sanjay Malhotra said on Friday that the government expects average monthly GST collections to touch about Rs 1.85 lakh crore in the next fiscal, up from about Rs 1.66 lakh crore this year.

"GST collections are expected to grow about 11 per cent in 2024-25. If the monthly collection is Rs 1.67 lakh crore this fiscal, a growth of 11 per cent would be Rs 1.80-1.85 lakh crore monthly collections. This should be the new normal for GST collection in the next fiscal," Malhotra said in an interview to news agency, PTI.

In the Interim Budget 2024, presented by Nirmala Sitharaman on February 1, the finance minister said that the GST taxpayer base as well as monthly revenues have doubled since its launch. The monthly GST collection crossed Rs 1.70 lakh crore in three months this fiscal, taking the average mop-up to Rs 1.67 lakh crore.

The Budget estimated GST collections of Rs 10.68 lakh crore in the next fiscal, which is a growth of 11.6 per cent over Rs 9.57 lakh crore in 2023-24. 

Malhotra also said in the interview that the date for startups to avail tax benefits has been extended until March 31, 2025. He also mentioned the reduction in customs duty on mobile spare parts and components to 10 per cent was aimed at simplifying the tax structure and encouraging further investment in mobile manufacturing. He stated that the revenue implication of the duty cut on mobile spare parts, announced on January 30, would be about Rs 500 crore. 

The Revenue Secretary added that the government expects to collect Rs 2.31 lakh crore in customs duty in the next fiscal year, higher than Rs 2.19 lakh crore this fiscal. He clarified that customs revenue is a minor part of the total gross revenue, and the revenue implication is less than Rs 500 crore.