Economic Survey 2022: Impact of second COVID wave on GST collection much more muted than first wave

The impact of the second wave of Covid-19 on GST collection was much more muted than the impact of the nationwide lockdown during the first wave, according to the Economic Survey for 2021-22.

Over the last four years, GST revenues have steadily grown and the year-average of monthly GST collection has increased from Rs 0.9 lakh crore in 2017-18 to Rs 1.19 lakh crore in 2021-22 (up to December).

The survey said that the improvement in GST collection has been due to the combined effect of the rapid economic recovery post the pandemic.

With the revival of the economy, the Goods and Services Tax (GST) has emerged as a buoyant source of revenue for both the Centre and the states.

The GST collection for the Centre was 61.4 per cent of Budget Estimate (BE) during April to November 2021. Gross GST collection, Centre and states taken together, was Rs 10.74 lakh crore during April to December 2021.

(With inputs from IANS)

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