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Monthly GST Collections: Fiscal Insights



  Dec 05, 2023

Monthly GST Collections in India: Fiscal Year Trends



Overview:

Finance Minister Nirmala Sitharaman reported that the average monthly GST collection for the current fiscal year is Rs1.66 lakh crore.

There's been a consistent upward trend in GST collections since its implementation on July 1, 2017.

Current Fiscal Year Data:

Monthly Collections: Surpassed Rs.1.50 lakh crore every month.

Record High: Reached Rs.1.87 lakh crore in April.

Yearly Comparison:

FY 2023-24: Average monthly collection stands at Rs1.66 lakh crore, an 11% increase from the previous year.

FY 2022-23: Average collection was more than Rs1.50 lakh crore.

FY 2021-22: Average collection was Rs.1.23 lakh crore.

FY 2020-21: Average monthly mop-up was Rs94,734 crore.

Compliance and Enforcement:

Minister of State for Finance, Pankaj Chaudhary, noted that GST is self-assessed, and tax authorities continuously work to ensure compliance and address underpayment.

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