Economic Survey · Ministry of Finance, Department of Economic Affairs · 2022-01-31

Economic Survey 2021-22 - Chapter 2: Fiscal Developments (GST)

The fiscal chapter of the 2021-22 Survey reports that monthly GST collections had stayed above Rs. 1 lakh crore since July 2021. The second COVID wave hurt collections far less than the 2020 lockdown. It credits the recovery to economic revival, drives against evaders and fake bills, systemic changes and rate corrections. It also explains the special borrowing window the Centre set up in 2020-21 to make up the shortfall in GST compensation to states.

Read the official report →All GST reports

Key findings and recommendations

  • Gross GST for April-December 2021 was Rs. 10.74 lakh crore, up 61.5 per cent on 2020 and 33.7 per cent on 2019.
  • Average monthly GST collections rose from Rs. 0.9 lakh crore in 2017-18 to Rs. 1.19 lakh crore in 2021-22 (to December).
  • The Centre borrowed Rs. 1,10,208 crore in 2020-21 and passed it on to States and UTs as back-to-back loans in place of GST compensation.
  • The Survey describes GST as a responsive system that the Council keeps adjusting.

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