GST Collection Stays Above Rs 1 Lakh Crore For Fifth Straight Month
GST revenue for October, collected in November, stood at Rs 1,31,526 crore.
The government’s goods and services tax revenue collection stayed above Rs 1 lakh crore for the fifth straight month.
GST revenue for October, collected in November, stood at Rs 1,31,526 crore, according to a Finance Ministry statement. That’s 25% higher than the year ago and 27% over the corresponding period in 2019-20.
The collection, the release said, is the second-highest since the GST rollout “...this is very much in line with the trend in economic recovery.”
Break-up of GST collections
Central GST: Rs 23,978 crore
State GST: Rs 31,127 crore
Integrated GST: Rs 66,815 crore (including Rs 32,165 crore collected on import of goods)
Cess: Rs 9,606 crore (including Rs 653 crore collected on import of goods)
According to the statement, various systemic policy and administrative measures taken to improve compliance such as the effort of the central and state tax in spotting large tax evasion cases, enhancement of system capacity, constant reminders to non-filers, auto-population of returns, blocking of e-way bills and passing of input tax credit for non-filers that have resulted in the increased revenue.
During the month, revenue from import of goods and domestic transactions was 43% and 20% higher, respectively, over the year earlier.
Still, Aditi Nayar, chief economist at ICRA Ltd., said the GST collections were somewhat lower than expected, even as the pace of year-on-year expansion is robust.
We were hopeful that the GST collections in November would exceed the prevailing highest collections recorded in April 2021, given the all-time high generation of e-way bills during October.Aditi Nayar, Chief Economist, ICRA Limited
“Collections may dip in December 2021 as suggested by the deceleration in the daily average e-way bill generation in the first three weeks of November. Nevertheless, we expect CGST collections to rise to Rs 5.8 trillion (Rs 5.8 lakh crore) in FY22, exceeding the FY22 budget estimate by Rs 500 billion (Rs 50,000 crore),” Nayar said.
Among states, the highest GST collection was recorded by Goa, Odisha, Kerala, Punjab and Karnataka.
Lakshadweep (369% growth) and Ladakh (46% growth) and Mizoram (37% growth) also registered a significant increase, albeit on a low base.
November 2020: Rs 300 crore
November 2021: Rs 518 crore (73% growth)
November 2020: Rs 2,528 crore
November 2021: Rs 4,136 crore (64% growth)
November 2020: Rs 1,568 crore
November 2021: Rs 2,129 crore (36% growth)
November 2020: Rs 1,396 crore
November 2021: Rs 1,845 crore (32% growth)
November 2020: Rs 6,915 crore
November 2021: Rs 9,048 crore (31% growth)
Chandigarh, Delhi, Jharkhand and Gujarat have registered high revenue collection with a growth of over 20% from the previous year among other states that have registered double digit collections.