GST collection may top Rs 1.5 lakh crore from October: Revenue secretary Tarun Bajaj

The Finance Ministry expects goods and services tax (GST) collections to top the Rs 1.5-lakh-crore-mark from October.

Collection from GST has been trending at over Rs 1.4 lakh crore in the past six months consecutively but has not crossed the Rs 1.5-lakh-crore-mark yet on a consistent basis.

The August collection of Rs 1.43 lakh crore is up 28 per cent on-year but lower than Rs 1.49 lakh crore in July. Only once the collection crossed the Rs 1.5 lakh crore mark– a record Rs 1.67 lakh crore mopped in April 2022.

Addressing a CBIC (Central Board of Indirect Taxes & Customs) function here this evening, Revenue secretary Tarun Bajaj said, “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.

“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.

Addressing the same event presided over by Finance Minister Nirmala Sitharaman and her junior minister Pankaj Chaudhary wherein she handed over the keys of an apartment complex for CGST officers and staff here, CBIC chairman Vivek Johri said, the Mumbai zone the CBIC is the largest in the country with four sub zones manned by 41 commissioners.

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, Johri said underlining the importance of the financial capital.

GST collections rose 28% in August to Rs 1.43 lakh crore, remaining above the Rs 1.4-lakh crore-mark for the sixth straight month, on the back of 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.

with PTI inputs

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