According to the sources in the Finance Ministry, the monthly collection under the Goods and Services Tax (GST) is likely to reach an all-time high of Rs. 1.45-1.50 lakh crore. The estimated approximate numbers have marked a month-on-month surge in the GST collections. In the previous month i.e in march, the highest recorded GST collection was Rs. 1.42 lakh crore. It was 6.8 per cent higher as compared to the Goods and Services Tax collection in the previous month.
Till now, the second-highest monthly Goods and Services Tax collection was in the month of April 2021 last year. This year the GST collection stats have peaked at Rs. 1.41 lakh crore.
If the projected numbers and the approximate statistical data are correct then it would be the 10th month in a row where GST collections would cross the mark of Rs. 1 Lakh crore-mark. For the fiscal year of 2022, the total goods and services tax collections amounted to Rs. 14.83 lakh crore. It was Rs. 11.37 lakh crore in the financial year of 2021. This year the Goods and Services Tax collection has increased by 30 per cent.
The Finance Ministry has stated several reasons for the steep rise in the GST collections. These are given below:-
In spite of the ever-rising of the GST collections, a group of ministers which was constituted in the September last year with the aim to deliberate on the increasing rates is yet to submit their report on this matter, as stated by the Finance Ministry. This committee is headed by the Karnataka Chief Minister Mr Basavraj Bommai. It was set up by the GST council last year to recommend ways to detect flaws and anomalies in the tax-rate structure to correct and augment the revenue system.