Centre: Average monthly gross GST collection for the third quarter of FY22 is Rs1.30 lakh cr

8 Feb 2022 , 11:45 AM

The average monthly gross Goods & Services Tax (GST) collection for the third quarter of FY 2021-22 has been Rs.1.30 lakh crore against the average monthly collection of Rs.1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarters respectively. This was stated by the Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Lok Sabha.

The Minister further stated that a record GST collection of Rs.1,40,986 crore is reported in January 2022 and this collection has been the highest since the implementation of the GST.

It may be seen from the above table that there is a minor dip in the GST collection in December 2021 as compared to October and November 2021 but it touched the highest ever collection of Rs. 1,40,986 crore in January 2022, the Minister stated.

The Minister also stated that since the Government has been making concerted efforts to raise tax revenue collections which inter-alia includes GST rate rationalization to improve tax compliance, e-invoice system, mandatory e-filing and e-payment of taxes, the penalty for delayed payment, extensive use of third- party sources such as State VAT Department, Income Tax etc. for compliance verification, regular enforcement & compliance verification of tax returns, taxpayer education and media campaign etc. and further system based analytical tools and system-generated red flag reports are being shared with Central as well as State Tax authorities to take action against tax evaders, therefore, it is expected that the GST collection may remain buoyant in the coming months as well.