Goods and Services Tax (GST) collection may be on top 1.5 lakh crore from October, Revenue Secretary Tarun Bajaj said on September 14.
GST revenue collection is trending upwards 1.4 lakh crore in the last six consecutive months, however, it has not crossed 1.5-lakh-crore-mark yet on a continuous basis.
Although the August collection 1.43 lakh crore is up 28 per cent year-on-year, but it was less than 1.49 lakh crore in July. collection exceeded The 1.5 lakh crore figure was recorded only once in April 2022 1.67 lakh crore.
“For the past few months, we have been working very hard to reach that point. 1.5 trillion (lakh crore). But we’ve been a little unsuccessful sometimes 2,000 crores and sometimes even 6,000 crore,” Tarun Bajaj said while addressing the Central Board of Indirect Taxes and Customs function.
Read also: Delhi’s GST collections see an increase in the first quarter of FY 22-23
“The revenue we will collect in October, the data of which will come on November 1, I am sure from that month CBIC will distribute on regular basis 1.5 trillion revenue for the government,” the Union secretary said.
CBIC Chairman Vivek Johri, while addressing the same event chaired by Finance Minister Nirmala Sitharaman and his junior minister Pankaj Choudhary, said that the Mumbai region CBIC is the largest in the country with four sub-zones manned by 41 commissioners.
As per the details, the Mumbai region contributes 18 per cent to CGST and 25 per cent to customs collection and the megapolis also comes with 7 per cent of the national GDP.
GST collection up 28% in August 1.43 lakh crore, balance above The 1.4-lakh crore mark for the sixth straight month, aided by rising demand and inflation, higher rates and greater compliance. There was a mop-up in the period a year ago 1,12,020 crores.
“Improved reporting and continued economic recovery will have a positive impact on GST revenues,” the finance ministry said in a statement.
CGST out of gross GST collection in the month is 24,710 crore, SGST is 30,951 crore, IGST is 77,782 crore (including 42,067 crore collected on import of goods) and cess is 10,168 crore (including 1,018 crore collected on import of goods), the ministry said.
With PTI input.
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