Bengal sees 54% growth in SGST, IGST collections in first 5 months of FY22
Kolkata: Overcoming the setbacks faced due to the double whammy of Covid pandemic and series of natural disasters, Bengal has witnessed a growth of 54 per cent in SGST and IGST collection in the first five months (April to August) of 2021-22 fiscal compared to that of the corresponding period of 2020-21 financial year.
The state's effort resulted in the growth in SGST collection and this comes when the Centre is yet to clear more than Rs 5,500 crore to the Bengal government towards GST compensation. The Centre still owes Rs 2,850 crore to the state as GST compensation for the year 2020-21 while another about Rs 3000 crore has got added to the previous due in the first six months of the current fiscal.
Due to the pandemic, the economy in Bengal along with other parts of the country witnessed a sloth since March 2020. However, the growth graph has seen a climb since September 2020.
Bengal witnessed the highest ever Rs 3100 crore, SGST and IGST, collection for March 2021. Subsequently, the second wave of Covid hit the state forcing it to impose few restrictions. The Bengal government tackled the situation giving equal significance to both life and livelihood and it resulted in the rolling of the economy despite the restrictions.
The SGST and IGST collection in the state was Rs 2630 crore for August 2021. It was Rs 2150 crore in August 2020. Similarly, the SGST and IGST collection in July 2021 stood at Rs 2250 crore, which is much more than the previous year. According to an officer of the state Finance department, the cumulative calculation of the first five months (April to August) of 2021-22 fiscal with that of the corresponding period of 2020-21 shows that there was a growth of 54 per cent in the SGST and IGST collection.
"A series of steps have been taken up to ensure better SGST collection," the officer said.
It may be mentioned that the state government had repeatedly urged the Centre to clear the GST compensation mainly when it is simultaneously fighting against the pandemic and aftermath of natural disasters including super cyclone Amphan, cyclone Yaas and repeated floods in south Bengal districts.