GST Collection: Monthly GST receipts in India currently average Rs 1.49 lakh crore, according to Revenue Secretary Tarun Bajaj on November 29. Bajaj spoke exclusively to CNBC TV-18 on the government’s financial calculations, getting ready for the next Budget 2023–2024, and other topics.
Regarding the government’s GST revenue, Bajaj noted that the run rate should be close to roughly Rs 1.50 lakh crore per month in the upcoming months. He did, however, add a disclaimer that GST will change depending on the month.
“It may not be so high in June, July but it will be high in the months of October and November, which are festival months,” he said.
Bajaj, whose tenure as the Revenue Secretary ends on November 30, also added that when it comes to year-on-year GST collections data, “we have had good growth of 30 percent last year. This year, we are having a growth of 23-25 percent. So if have had these two years of such high growth, we have achieved a lot on GST (collections target) and the run rate will be close to Rs 1.5 lakh crore.”
The finance ministry reported on November 1 that the amount of GST collected in the month of October was Rs 1.52 lakh crore, the second-highest amount ever after the mop-up in April of Rs 1.68 lakh crore. Eight consecutive months of higher-than-average monthly GST revenues show that the economy is still recovering.
Bajaj further stated that it is not viable to go from a stage of 0 to a stage of 100 in terms of rate rationalisation of GST slabs. “In the 45th and 4th GST Council meetings, we have been able to correct many inverted duty structures. We have also given a lot of exemptions and relief where it is due. Having said that, I think let’s see how GST move in the next 3-6 months, and then maybe the policymakers can decide what is it that they want to do.”
Undoubtedly, the 48th GST Council meeting will take place via video conference on December 17 and be presided over by Finance Minister Nirmala Sitharaman.