Goods and Services Tax (GST) collections are doubtless to stay sturdy at about ₹1.15 lakh crore to ₹1.2 lakh crore in April, regardless of the spate of lockdowns throughout the nation, SBI stated in a report on Friday, forward of the official GST income knowledge anticipated on May 1.
GST collections have clocked greater than ₹1 lakh crore for six months in a row, with a document ₹1.24 lakh crore flowing into the exchequer’s coffers in March.
“Our internal simulation model indicates that Apr’21 GST collections will be in the range of ₹1.15-1.20 lakh crore. This will be quite impressive given the fact that during the April month most of the States imposed partial lockdowns and this move is expected to hamper economic momentum,” SBI group chief financial adviser Soumya Kanti Ghosh stated within the report, citing the e-way payments for the month as one other justification.
“It is heartening to note that despite the curbs due to the second wave, the All India GST E-way bills till April 25 have reached 4.89 crore and we estimate it to cross 5.5 crore comfortably, given the past trends,” he stated.
Last yr, on the peak of the lockdown in April and May 2020, solely 0.9 crore and a couple of.5 crore e-way payments had been generated, respectively. In March this yr, when GST collections peaked at ₹1.24 lakh crore, 7.1 crore e-way payments had been generated.
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