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