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GST collections for Apr-June quarter at 26.6% of budget estimates: Govt
The Centre has achieved 26.6% of the budget estimates for GST collections in the first three months of the current fiscal, Pankaj Chaudhary, MoS Finance informed the Parliament. He further informed that the net GST collection for the April-June quarter is Rs1.67 lakh crore.
The budget estimate for full 2021-22 fiscal is Rs6.30 lakh crore. The net GST collections include Central GST, Integrated GST and also Compensation cess.
In the previous fiscal, the net GST collection was over Rs5.48 lakh crore, which was more than the revised estimates (RE) of Rs5.15 lakh crore.
In 2019-20, the net collection was over Rs5.98 lakh crore, which is 97.8 percent of the RE.
The MoS also said, "The government has been making concerted efforts to raise tax revenue collections which inter-alia includes GST rate rationalization to improve tax compliance, e-invoice system, mandatory e-filing and e-payment of taxes, the penalty for delayed payment, extensive use of third-party sources such as State VAT Department, Income Tax etc, for compliance verification, regular enforcement and compliance verification of tax returns."
"Further, system-based analytical tools and system-generated red flag reports are being shared with central as well as state tax authorities to take action against tax evaders. E-way bill squads have been activated for the purposes of random verification of the goods in transit," he added.
