April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance Ministry sources
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 FY22 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 rationalisation measures undertaken by the GST Council to correct inverted duty structures.
While the GST collections are on a high, deliberations are also reportedly underway to rationalise the taxation rates. The Finance Ministry, on April 25, said that the Group of Ministers constituted in September last year to deliberate on the rates – was yet to submit their report.
The GoM, headed by Karnataka Chief Minister Basavaraj Bommai, was set up by the GST Council to recommend ways in which any anomalies in tax rates could be corrected and revenue could be augmented.
