Despite the disturbance caused by the COVID-19-induced lockout in the first months of the ongoing fiscal year, the government raised cumulative gross GST revenue of Rs 10.12 lakh crore from April 2020 to February 2021, compared to Rs 12.22 lakh crore in 2019-20. The COVID-19 catastrophe has harmed GST collections, with India just fulfilling less than half of the modified full-year target so far this fiscal year.
The central government has only secured 47% of the updated full-year GST collection goal of Rs 6.90 lakh crore. The annual GST estimates in the Budget plan only include the Centre’s share as well as the Consolidated GST portion. According to estimates, central GST (Rs 5.80 lakh crore) will account for 84 percent of overall GST revenue, while the GST refund cess will account for 16 percent (Rs 1.10 lakh crore). According to the Union Budget 2021, the administration has lowered its projections for the ongoing fiscal year by 25%, to Rs 5.15 lakh crore from Rs 6.91 lakh crore.
The key part of GST collections in Budget 2021, Central GST (CGST), has been reduced to Rs 4.31 lakh crore from an earlier projection of Rs 5.8 lakh crore. The GST payout cess has been reduced from 1.10 lakh crore to 84,100 crores. This fiscal year’s CGST collection has reached Rs 1.71 lakh crore, compared to a revised estimate of Rs 4.31 lakh crore. So far this fiscal year, the cumulative GST cess has been Rs 72,248 crore, compared to Rs 84,100 crore in revised figures.
Despite the disturbance caused by the COVID-19-induced lockout during the first months of the current fiscal year, the government raised cumulative gross GST revenue of Rs 10.12 lakh crore between April 2020 and February 2021, compared to Rs 12.22 lakh crore in 2019-20. GST sales had fallen by more than 50% year on year during the lockout months of April and May 2020.