The government is likely to put the planned revision of goods and services tax (GST) rates on hold owing to inflationary pressure and geopolitical tensions, said a Mint report.
"The planned GST rate revision to boost the revenue of the Centre and states is likely to be delayed due to a spike in inflation, and the Centre is examining ways to tame prices, including by improving logistics for commodities such as cement," Mint reported, quoting a government official.
"The government will also continue to take steps to iron out the mismatches in the procurement of pulses and oilseeds to contain inflation and ensure that infrastructure projects are fully funded even if proceeds from cesses that back these projects fall short," the report further added.
The official also said, as per Mint, that the central government would stick to the FY23 gross market borrowing of ₹14.3 trillion for now.
The gross GST revenue collected in the month of April, 2022 touched ₹1,67,540 crore of which CGST is ₹33,159 crore, SGST is ₹41,793 crore, IGST is ₹81,939 crore (including ₹36,705 crore collected on import of goods) and cess is ₹10,649 crore (including ₹857 crore collected on import of goods).
Consequently, the gross GST collection in April 2022 hit all-time high and was ₹25,000 crore more than the previous month’s ₹1,42,095 crore, the next highest collection.
The government has settled ₹33,423 crore to CGST and ₹26,962 crore to SGST from IGST. The total revenue of Centre and the States in the month of April 2022 after a regular settlement is ₹66,582 crore for CGST and ₹68,755 crore for the SGST.