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April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance Ministry sources

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The amount would exceed the all-time high GST collected in March 2022, when the numbers had peaked to Rs 1.42 lakh crore.April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance  Ministry sources

The monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore, CNBC-TV18 reported on April 26, citing sources in the Finance Ministry.

The projected numbers mark a consecutive month-on-month (MoM) surge in GST collections. In March, a record-high amount of Rs 1.42 lakh crore was collected, which was 6.8 percent higher as compared to the previous month.

The second highest monthly GST was collected in April 2021, when the numbers had peaked to Rs 1.41 lakh crore.
TREND IN TOTAL GST COLLECTIONS
MonthAmount (in Rs crore)YoY change
March 20221,42,09515%
February 20221,33,02618%
January 20221,40,98618%
December 20211,29,78013%
November 20211,31,52625%
October 20211,30,12724%
September 20211,17,01023%
August 20211,12,02030%
July 20211,16,39333%
June 202192,8002%

If the projected numbers for April 2022 turn out to be accurate, it would be the 10th month in a row when GST collections would cross the Rs 1 lakh crore-mark.

Also Read | Ministers' panel yet to take a view on GST rate rationalisation

For FY22 as a whole, total GST collections amounted to Rs 14.83 lakh crore, up 30 percent from Rs 11.37 lakh crore in FY21. The Finance Ministry attributed the rise in GST collections to the ongoing economic recovery along with anti-evasion activities and the various rate rationalisation measures undertaken by the GST Council to correct inverted duty structures.

While the GST collections are on a high, deliberations are also reportedly underway to rationalise the taxation rates. The Finance Ministry, on April 25, said that the Group of Ministers - constituted in September last year to deliberate on the rates - was yet to submit their report.

Also Read | CAIT, IFA urge government to roll back hike in GST rate on footwear

The GoM, headed by Karnataka Chief Minister Basavaraj Bommai, was set up by the GST Council to recommend ways in which any anomalies in tax rates could be corrected and revenue could be augmented.

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