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GST collections top Rs 1 lakh crore for five straight months since Oct 2020: MoS Finance

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Anurag Thakur, during Question Hour, said this could be possible on the back of the measures taken by the government to boost economic activities over the last year to deal with the COVID-19 pandemic.                           

Increased economic activities have resulted in higher GST collection which stood above Rs 1 lakh crore for five months during a row since October 2020, Minister of State for Finance and company Affairs Anurag Thakur said within the Rajya Sabha on Tuesday.

Thakur, during Question Hour, said this might be possible on the rear of the measures taken by the govt to spice up economic activities over the last year to affect the COVID-19 pandemic.

"GST collection has increased. If you see e-way bill data, numbers... activities have increased," the minister said.

"GST collection has witnessed above Rs 1 lakh crore for a stretch of 5 months since October 2020... The GST collection during the amount has been above the gathering within the same period last year," he said.

On the economy, Thakur said V-shaped recovery is being seen because the third quarter GDP numbers are positive and trade is recuperating .

The Indian economy had seen a contraction of 24.4 percent within the June quarter of FY21, impacted by COVID-19.

After two consecutive quarters of contraction, the country's GDP entered into a positive territory with a growth of 0.4 per cent within the October-December quarter of the present fiscal.

"When COVID-19 pandemic erupted... -24.4 rate of growth was recorded in April- June.... Modi government has initiated several good steps with a positive result and 0.4 per cent growth was within the third quarter," Thakur said.

He also listed various steps taken by the govt during the pandemic to spice up the economy, including stimulus packages under Aatmanirbhar Bharat programme, emergency credit line and loan moratorium.

As per a written statement from the Ministry, the GST collection in any particular month depends upon the entire taxable value of products and services supplied therein month.

Moreover, the amount of e-way bills generated within the current fiscal is nearly adequate to the amount of e-way bills generated last year in spite of a dip within the number of e-way bill generated during April and should 2020, the statement said.

The monthly GST collection trend and therefore the generation of e-way bills are clear indicators of increase within the economic activity, it said.

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