GST collection likely to cross ₹1.5 lakh crore from October
The Goods and Services Tax (GST) collection may top Rs 1.5 lakh crore from October, Revenue Secretary Tarun Bajaj said on 14 September. The GST revenue collection has been trending at over Rs 1.4 lakh crore in the past six months consecutively, however, it has not crossed the Rs 1.5-lakh-crore-mark yet on a consistent basis.
Though the August collection of Rs 1.43 lakh crore is up 28 per cent on-year, but it was lower than Rs 1.49 lakh crore in July. The collection crossed ₹1.5 lakh crore mark only once in April 2022 when it was recorded at ₹1.67 lakh crore.
“For the last couple of months, we’ve been trying very hard to reach that milestone of Rs 1.5 trillion (lakh crore). But we have been failing a bit sometimes by Rs 2,000 crore and sometimes by even Rs 6,000 crore,” Tarun Bajaj said, while addressing a Central Board of Indirect Taxes & Customs function.
“The revenue that we will collect in October, the data of which will come on November 1, I am sure from that month onwards the CBIC on a regular basis shall deliver Rs 1.5 trillion revenue for the government,” the Union secretary said.
CBIC chairman Vivek Johri, while addressing the same event presided over by Finance Minister Nirmala Sitharaman and her junior minister Pankaj Chaudhary, said that the Mumbai zone the CBIC is the largest in the country with four sub zones manned by 41 commissioners.
As per details, the Mumbai zone contributes 18 per cent of CGST and 25 per cent of customs duty collections and the megapolis also chips in with 7 per cent of the national GDP.
GST collections rose 28 per cent in August to Rs 1.43 lakh crore, remaining above the Rs 1.4-lakh crore-mark for the sixth straight month, aided by rising demand and inflation, higher rates, and greater compliance. In the year-ago period the mop-up was Rs 1,12,020 crore.
“Better reporting coupled with economic recovery will have a positive impact on GST revenue on a consistent basis,” the finance ministry said in a statement.
Of the gross GST collection in the month, CGST is Rs 24,710 crore, SGST is Rs 30,951 crore, IGST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said.
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