c

Gross GST Collection in FY 2021-22 shows increasing trend

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
March 123902
Total 1136805 810816

Giving out the Gross 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 Rs. 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 Rs. 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.

Gross GST Collection in FY 2021-22 shows increasing trend

In relation to the compensation cess, the Minister stated that the GST compensation 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 compensation of Rs. 1,30,464 crore has been released 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 41st & 42nd GST Council meetings and accordingly, Centre had borrowed loan of Rs. 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 Rs. 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 well as back-to-back loan, pending GST compensation to States/UTs is as per Annexure II, the Minister added.

Annexure-I

GROSS, REFUND & NET COLLECTION AND GROWTH (AS ON 23rd November)

(Fig. in Rs. Crores)

(Till 23.11.2021) F.Y. 2021-22 F.Y. 2020-2021 Growth
(Till 23.112021) (T11123.11.2020) %
Gross Collection 815262.7 550448.5 48.11%
Refund 122429.1 137885.7 -11.21%
Net Collection 692833.6 412562.8 67.93%

 

(Till 23.11.2021) F.Y. 2021-22 F.Y. 2019-2020 Growth
(Till 23.112021) (T11123.11.2019) %
Gross Collection 815262.7 690006.4 18.15%
Refund 122429.1 145719.2 -15.98%
Net Collection 692833.6 544287.2 27.29%

Source:OLTAS

Annexure-II

Details of GST compensation released and pending to be released (as on 24.11.2021)

(in Rs. Crore)

S. No. Name of State/UT Total GST
compensation
released
Back to back loan
in FY 2020-21
Back to back loan in
FY 2021-22
Total GST
compensation pending
till Sept, 2021
(1) (2) (3) (4) (5) (6)
1 Andhra Pradesh 7672 2311 3272 1583
2 Arunachal Pradesh 21 0 0 0
3 Assam 4243 994 1774 430
4 Bihar 14687 3905 6816 754
5 Chhattisgarh 10945 3109 4965 309
6 Delhi 21199 5865 6193 4647
7 Goa 2911 840 847 754
8 Gujarat 36879 9222 13040 3145
9 Haryana 16306 4352 7394 1141
10 Himachal Pradesh 6994 1717 2695 391
11 J & K 7571 2272 3845 371
12 Jharkhand 6728 1689 2484 669
13 Karnataka 50734 12407 18109 3528
14 Kerala 19324 5766 8739 1484
15 Madhya Pradesh 17102 4542 7011 1194
16 Maharashtra 53371 11977 13782 13153
17 Manipur 46 0 0 0
18 Meghalaya 572 112 141 122
19 Mizoram 11 0 0 0
20 Nagaland 14 0 0 0
21 Odisha 14732 3822 6430 630
22 Puducherry 2589 742 1096 134
23 Punjab 32269 8359 12132 1838
24 Rajasthan 17154 4604 7268 1439
25 Sikkim 41 0 0 1
26 Tamil Nadu 28532 6241 8095 4943
27 Telangana 6927 2380 4569 615
28 Tripura 796 226 401 37
29 Uttar Pradesh 22115 6007 8140 5441
30 Uttarakhand 9173 2316 3333 595
31 West Bengal 16551 4431 6425 2451
Total 428211 110208 159000 51798

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Whatsapp

taxguru on whatsapp WHATSAPP GROUP LINK

Join Taxguru Group on Telegram

taxguru on telegram TELEGRAM GROUP LINK

More Under Goods and Services Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

January 2022
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31