GST collections touched a record of Rs 1.40 lakh crore in January on rapid economic recovery, Finance Minister Nirmala Sitharaman said on Tuesday.
In her 2022-23 Budget speech, the minister said there has been a remarkable progress made in the Goods and Services Tax (GST) regime, but still a few challenges remain.
"Gross GST collection in January at record Rs 1,40,986 crores; this has been possible due to rapid economic recovery," she said while presenting the Budget in the Lok Sabha.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU