Goods and Services Tax – GST Dated:- 29-11-2021 – News – The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha today. Giving more details, the Minister stated the gross GST collection for FY 2020-21 and 2021-22 (till Oct 2021) as under: – Month FY 2020-21 (Rs. in crore) FY 2021-22 (Rs. in crore) April 32172 139708 May 62151 102709 June 90918 92849
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Direct Tax collection figures for the FY 2021-22, the Minister stated that as on 23.11.2021 Gross Direct Tax collection figures for the FY 2021-22 are at ₹ 815262.7 crore showing a growth of 48.11% and 18.15% over the Gross collection figures for the corresponding period in FY 2021-22 and FY 2019-20, respectively. The Net Direct Tax Collection figures for the FY- 2021-22 as on 23.11.2021 are at ₹ 692833.6 crores showing a growth of 67.93% and 27.29% over the Net collection figures for the corresponding period FY 2020-21 and FY 2019-20, respectively as per Annexure-I , the Minister stated . In relation to the compensation cess, the Minister stated that the GST compensation cess levied under Section 8 of the GST (Compensat
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to all States/ UTs to partly meet the compensation payable for the period April 20 to March 21as the amount in GST Compensation Fund was not adequate to meet the full compensation requirement. This issue of shortfall in release in GST compensation was deliberated in 41 st 42 nd GST Council meetings and accordingly, Centre had borrowed loan of ₹ 1.1 lakh crore from open market and passed on as back-to-back loan to States/UTs to meet their resource gap due to short release of GST Compensation for FY 2020-21. Similarly, as per deliberation in 43rd GST Council meeting, Centre has borrowed ₹ 1.59 lakh crore loan and passed on to the States/UTs as was done in last year. Taking into account GST compensation released to States as w
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