Gross GST Collection in FY 2021-22 shows increasing trend
GST
Dated:- 29-11-2021
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
July
87422
116393
August
86449
112020
September
95480
117010
October
105155
130127
November
104963
December
115174
January
119875
February
113143
Mar
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cess levied under Section 8 of the GST (Compensation to States) Act, 2017 is transferred into a non-lapsable Fund known as GST Compensation Fund which forms part of the Public Account of India as provided in Section 10(1) of the Act. The States are being compensated for any loss of revenue arising on account of implementation of GST for five years out of the Compensation Fund as per Section 10(2) of the said Act. GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the states, the Minister added.
The Minister stated that the economic impact of the pandemic has led to higher compensation requirement due to lower GST collection and at the same time lower collection of GST compensation cess. GST compensa
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