India’s tax revenues exceed target by 20%, GST collection all-time high

27-Apr-2022 Admin 3 Tax Revenues, GST, Finance Ministry, GST Collections, Financial Year -2022, 48 Views

 India’s tax revenues exceed target by 20%, GST collection all-time high

The amount would exceed the all-time high GST collected in March 2022, when the numbers had peaked to Rs 1.42 lakh crore.

The monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore, CNBC-TV18 reported on April 26, citing sources in the Finance Ministry.

The projected numbers mark a consecutive month-on-month (MoM) surge in GST collections. In March, a record-high amount of Rs 1.42 lakh crore was collected, which was 6.8 percent higher as compared to the previous month.

The second highest monthly GST was collected in April 2021, when the numbers had peaked to Rs 1.41 lakh crore.

If the projected numbers for April 2022 turn out to be accurate, it would be the 10th month in a row when GST collections would cross the Rs 1 lakh crore-mark.

For Financial Year -2022 as a whole, total GST collections amounted to Rs 14.83 lakh crore, up 30 percent from Rs 11.37 lakh crore in FY21. The Finance Ministry attributed the rise in GST collections to the ongoing economic recovery along with anti-evasion activities and the various rate rationalization measures undertaken by the GST Council to correct inverted duty structures.

TREND IN TOTAL GST COLLECTIONS

Month

Amount (in Rs crore)

YoY change

March 2022

1,42,095

15%

February 2022

1,33,026

18%

January 2022

1,40,986

18%

December 2021

1,29,780

13%

November 2021

1,31,526

25%

October 2021

1,30,127

24%

September 2021

1,17,010

23%

August 2021

1,12,020

30%

July 2021

1,16,393

33%

 

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