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COVID EFFECT ON REVENUE COLLECTION

As far as this financial year is concerned the Central government has collected only 47 per cent of the revised full-year target of Rs 6.90 lakh crore GST collections. This amounts to only less than half the revised full-year target. It may be noted that the annual GST figures in the Budget document include only the Centre’s share and the Integrated GST component. It was estimated that out of the total tax collections under GST, 84 per cent will come from central GST (Rs 5.80 lakh crore), and 16 per cent (Rs 1.10 lakh crore) from the GST compensation cess.
The government has revised down its estimates by 25 per cent to Rs 5.15 lakh crore from Rs 6.91 lakh crore for the current fiscal in the Union budget. The realisation from Central GST (CGST) — the main component of the GST collections in the Budget 2021 — was lowered to Rs 4.31 lakh crore from the earlier estimate of Rs 5.8 lakh crore. GST compensation cess was lowered to 84,100 crores from the 1.10 lakh crore earlier.

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