Due to the swift economic recovery, GST revenues reached a new high of Rs 1.40 lakh crore in January, according to Finance Minister Nirmala Sitharaman.
The minister stated in her Budget address for 2022-23 that the Goods and Services Tax (GST) system has made significant progress, but that there are still a few problems.
“Gross GST collection in January reached a new high of Rs 1,40,986 crores; this was made possible by the swift economic recovery,” she said in the Lok Sabha while presenting the Budget.
January is the seventh straight month when the GST collection has crossed the Rs 1 lakh crore mark.
The second highest monthly GST collection was in April 2021 at Rs 1,39,708 crore while in December it was more than Rs 1.29 lakh crore.
After a 6.6 per cent contraction in 2020-21, the economy made a smart recovery to an estimated 9.2 per cent growth in the current fiscal ending March 2022, on the back of vaccination programme and lifting of pandemic-related restrictions.
The recovery has strengthened as the new variant has been less devastating and the previous one, leading to few restrictions on economic and business activity.