Total gross Goods & Services Tax (GST) collections grew 25.3% YoY to Rs 1.32 trillion in Nov’21. These are the second highest GST collections recorded since inception, followed by Rs 1.41 trillion in Apr’21 and preceded by Rs 1.30 trillion in Oct’21. Total GST collections during Apr-Nov’21 stood at Rs 9.4 trillion, 74.9% of FY22BE, higher than Rs 6.65 trillion (64.6% of FY21BE) achieved during the corresponding months of 2020, stated Motilal Oswal Institutional Equities.
Within the total GST collections in Nov’21, CGST collections amounted to Rs 239.8 billion (three-month high growth of 25% YoY) and SGST collections to Rs 311.3 billion (three-month high growth of 21.9% YoY). GST collections on imports / domestic activity expanded 45.7%/19.9% YoY to Rs 322 billion/Rs 992 billion in Nov’21.
Daily e-way bill generation, however, reduced to five-month lows of 1.9 million units in Nov’21 (up to 21st Nov’21), against an average of 2.3 million units of e-way bills collected daily during Aug-Oct’21. This implies GST collection data in Dec’21 (for economic activity in Nov’21) could be lower sequentially.
Overall, average GST collections thus far this year stand at Rs 1.18 trillion, implying the government needs only Rs 790 billion each month during Dec’21-Mar’22 to achieve its FY22 budget target (full-year target of Rs 12.6 trillion, of which Rs 9.4 trillion has been collected), it added.
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