India's monthly goods and services tax (GST) collections are now averaging Rs 1.49 lakh crore, said revenue Secretary Tarun Bajaj on November 29.

In an exclusive interview with CNBC TV-18, Bajaj discussed the government's fiscal math, preparation for the upcoming Budget 2023-2024, and more.

Speaking on the government's GST revenue, Bajaj added that close to about Rs 1.50 lakh crore GST collections on a monthly basis should be the run rate in the coming months. However, he also put a caveat saying GST will vary based on the months. “It may not be so high in June, July but it will be high in the months of October and November, which are festival months,” he said.

Bajaj, whose tenure as the Revenue Secretary ends on November 30, also added that when it comes to year-on-year GST collections data, “we have had good growth of 30 percent last year. This year, we are having a growth of 23-25 percent. So if have had these two years of such high growth, we have achieved a lot on GST (collections target) and the run rate will be close to Rs 1.5 lakh crore.”

GST collections in the month of October stood at Rs 1.52 lakh crore, the second-highest ever collection after April's Rs 1.68 lakh-crore mop-up, the finance ministry had said on November 1. Monthly GST revenues have been more than Rs 1.40 lakh crore for eight months in a row, an indication of continued economic recovery.

In terms of rate rationalisation of GST slabs, Bajaj also mentioned that it is not possible to reach a stage of 100 from 0. “In the 45th and 4th GST Council meetings, we have been able to correct many inverted duty structures. We have also given a lot of exemptions and relief where it is due. Having said that, I think let's see how GST move in the next 3-6 months, and then maybe the policymakers can decide what is it that they want to do.”

To be sure, the 48th GST Council meeting will be held on December 17 through video conferencing, which will be chaired by Finance Minister Nirmala Sitharaman.

Source: Money Control
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