NEW DELHI: Ahead of the annual Budget, the central government has some reasons to cheer on the tax revenue front. The monthly GST collections in January 2022 crossed Rs 1.30 lakh crore for the fourth time in the history of GST.
The collections in January 2022 till 3 pm on 31 January 2022 was at Rs 1,38,394 crore just shy of the Rs 1.40 lakh crore. January 2022 collections were 15 per cent higher than collections in the same month last year and 25 per cent higher than the GST revenues in January 2020, said a finance ministry statement.
Of the Rs 1,38,394 crore, CGST accounted for Rs 24,674 crore, SGST Rs 32,016 crore, IGST Rs 72,030 crore (including Rs 35,181 crore collected on import of goods) and compensation cess accounted for Rs 9,674 crore (including Rs 517 crore collected on import of goods).
The highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. The finance ministry attributed the robust growth in GST collection to economic recovery and anti-evasion activities, especially action against fake billers. The improvement in revenue has also been due to rate rationalisation measures.
Fiscal deficit at 50 per cent of target
Helped by strong tax collection and subdued spending growth, the government has been able to keep the fiscal deficit on check. In the first nine months (April-December 2021) of the current financial year, the Centre’s fiscal deficit has reached only 50.4 per cent of the budget target of Rs 15 lakh crore.