New Delhi, May 5 (IANS) Research and rating firm, CARE Ratings, has projected the gross Goods and Services Tax (GST) collections in the range of Rs 12.60 to 13.40 lakh crore in the current financial year requiring an average monthly collections of Rs 1.05-1.12 lakh crore.

In its analysis of the indirect tax figures, the firm said that although the GST collections have been the highest in April, it has been lower than the monthly target estimated in the Budget for FY20.

"Going forward, the government in order to maintain its fiscal deficit target in FY20 will have to ensure the sustainability of GST collections given that the collections have been volatile since the implementation," the agency said in its report on GST receipts.