Average Monthly Gross GST Collection for Third Quarter of FY 2021-22 is Rs.1.30 lakh Crore

The average monthly gross Goods and Services Tax (GST) collection for the third quarter of FY 2021-22 was Rs.1.30 lakh crore, up from Rs.1.10 lakh crore and Rs.1.15 lakh crore in the first and second quarters, respectively. Shri Pankaj Chaudhary, Union Minister of State for Finance, mentioned this in a written response to a question in the Lok Sabha today.

The Minister further claimed that in the month of January 2022, a record GST collection of Rs.1,40,986 crore was reported, which was the highest since the GST was implemented.

The Minister went on to say that the gross (GST) collections for the months of October, November, and December 2021 are as follows: –

The above table shows that the GST collection decreased somewhat in December 2021 compared to October and November 2021, but it reached its highest level ever in January 2022, when it reached Rs. 1,40,986 crore, according to the Minister.

The Minister also stated that since 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, penalty for delayed payment, extensive use of third- party sources such as State VAT Department, Income Tax etc. for compliance verification, regular enforcement & compliance verification of tax returns, taxpayer education and media campaign etc. and 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, therefore, it is expected that the GST collection may remain buoyant in the coming months as well.