In response to a written question in the Lok Sabha, the Minister of State for Finance Pankaj Chaudhary said that the net GST collections for the April to June quarter stood at over 1.67 lakh crore. This amounts to 26.6% of the budget estimate for 2021-22, which was Rs.6.30 lakh crore. The net GST collections comprise Central Tax (CGST), Integrated GST (IGST) and compensation cess.
The Minister said that the government has been making efforts to increase the revenue collections. Some of the measures include GST rate rationalisation for improved compliance, the e-invoicing system, the mandatory e-filing and e-payment of taxes, and penalties for delayed payment. Further, the GST department has been using third-party sources like the state Value Added Tax (VAT) departments, income tax, etc., for the regular enforcement and compliance verification of tax returns.
He added that system-based analytical tools and system-generated red flag reports are being shared with the central and state tax authorities to take action against tax evaders. e-Way bill squads have also been activated for random verification of the goods in transit.
The previous fiscal 2020-21 saw GST collections of over Rs.5.48 lakh crore. This was more than the revised estimates (RE) of Rs.5.15 lakh crore. 2019-20 saw collections of over Rs.5.98 lakh crore, which stood at 97.8% of the RE.
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Athena is a globe-trotter whose aim is to see 30 countries before she’s 30. When she’s not travelling, she’s busy planning her next trip. She’s a Chartered Accountant by profession with a keen focus on GST. She writes by day and reads by night.