Collections under Goods and Services Tax exceeded the desired Rs 1 lakh crore for five months in a row since October 2020, Minister of State for Finance Anurag Thakur told the Rajya Sabha on Tuesday. He further mentioned that continuous improvements have been made in the indirect tax regime since its implementation based on inputs from trade and industry stakeholders, as examined and recommended by the GST Council.
"GST collection has witnessed above Rs 1 lakh crore for a stretch of five months since October, 2020 onwards. The GST collection during the period has been higher than the collection in the same period last year," the minister stated in response to a question on GST collection, e-way bills and impact of GST mop-up on health of financial sector. "The monthly GST collection trend and the generation of e-way bills are clear indicators of increase in the economic activity."
As per data presented by the minister before the Rajya Sabha, GST collection progressively grew between FY18 and FY20. In FY17, the year it was rolled out, total GSt collection stood at Rs 7,40,650 crore. It increased to Rs 11,77,368 crore and Rs 12,22,116 crore in FY19 and FY20, respectively. With one month left in FY21, total GST collection in the fiscal till February stands at Rs 10,12,903 crore.
Thakur noted that GST collection in any particular month depends upon the total taxable value of goods and services supplied in that month.
On the status of e-way bill generation, Thakur told the Upper House that 62.87 crore and 57.75 crore e-way bills were generated in FY 2019-20 and FY 2020-21 (till March 14, 2021), respectively.
Thakur said that "the number of e-way bills generated in the current FY is almost equal to the number of e-way bills generated last year in spite of a dip in the number of e-way bill generated during April and May 2020."