GST record collection likely to range from Rs.1.45-1.50 lakh crore in April

According to CNBC-TV18 on April 26, which cited officials in the Finance Ministry, the monthly GST collection is expected to reach another all-time high of Rs.1.45-1.50 lakh crore.

The predicted figures represent a month-over-month (MoM) increase in GST receipts. In March, the government collected a record-breaking amount of Rs.1.42 lakh crore, up 6.8% over the previous month.

In April 2021, when the totals reached Rs.1.41 lakh crore, the second highest monthly GST was collected.

If the forecasted figures for April 2022 are correct, it will be the 10th month in a row that GST receipts have surpassed Rs.1 lakh crore.

Total GST collections in FY22 totaled Rs.14.83 lakh crore, up 30 percent from Rs.11.37 lakh crore in FY21. The Finance Ministry attributed the increase in GST collections to the continued economic recovery, as well as anti-evasion efforts and the GST Council‘s numerous rate rationalisation initiatives to right inverted duty structures.

While GST receipts are at an all-time high, discussions to rationalise taxation rates are said to be underway. On April 25, the Finance Ministry stated that the Group of Ministers, which was formed in September of last year to discuss the rates, had yet to present its report.

The GST Council established the GoM, which is led by Karnataka Chief Minister Basavaraj Bommai, to identify measures to address any tax rate inconsistencies and increase income.

Source: CNBC-TV 18