New Delhi: The Ministry of Finance on the Good and Service Tax (GST) predicted that the collection of the GST from October could surpass the mark of Rupees 1.5 lakh crore. The official data saws that, from the last six months, collection from GST has been trending at over Rs 1.4 lakh crore but has not crossed the Rs 1.5-lakh-crore-mark yet.
The August collection of Rs 1.43 lakh crore is up 28 percent on the 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.
Revenue secretary Tarun Bajaj at CBIC (Central Board of Indirect Taxes & Customs) function 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 regularly shall deliver Rs 1.5 trillion revenue for the government,” the Union secretary said.
CBIC chairman Vivek Johri said, “The Mumbai zone contributes 18 percent of CGST and 25 percent of customs duty collections, and the megapolis also chips in with 7 percent of the national GDP,”
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.
In the last month, the finance ministry has collected Rs 24,710 crore CGST, Rs 30,951 crore SGST and Rs 77,782 crore IGST including Rs 42,067 crore collected on the import of goods. Government collect Cess Rs 10,168 crore including Rs 1,018 crore collected on import of goods.
(Vinayak)