GST revenue collection hits record Rs 1.68 lakh crore in April

GST revenues at all-time high in April

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All time GST increase 

GST earnings at each- time high of Rs1.68 lakh cr in April 2022.The increase is substantially because of bettered compliance and recovery in business exertion.

Earnings from import of goods were 30 per cent advanced.

 Types of GST 

The GST collection in April touched the loftiest ever position of about Rs1.68 lakh crore, over 20 per cent from the time-ago period, on bettered compliance and recovery in business exertion, the Finance Ministry said on Sunday. During the month, Rs 1.06 crore GST returns from GSTR-3B were filed, of which Rs 97 lakh pertained to March 2022. The gross GST profit collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore ( including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore ( including Rs 857 crore collected on import of goods), said by the ministry.

    

 The gross GST collection in April 2022 is an each- time high and Rs crore further than the former loftiest collection of Rs1.42 lakh crore recorded in March. In April last time, the mop-up from Goods and Services Tax (GST) was about Rs1.40 lakh crore. Giving similar data of April GST return form, the ministry said there's a" clear enhancement in the compliance geste, which has been a result of colorful measures taken by the duty administration to nudge taxpayers to file returns timely, to making compliance easier and strict enforcement action was taken against errant taxpayers linked grounded on data analytics and artificial intelligence". 

 

 Earnings of the months 

During the month, earnings from import of goods were 30 per cent advanced and the earnings from the domestic sale ( including import of services) are 17 per cent further than the earnings from these sources during the same month last time. The total number ofe-way bills generated in March 2022 was Rs 7.7 crore, which is 13 per cent advanced than Rs 6.8 crore in February 2022, which reflects the recovery of business exertion at a faster pace, the ministry said. In April 2022, 84.7 per cent of registered businesses paid levies by filing GSTR-3B, compared to Rs 78.3 per cent in the time-ago period. Also, 83.11 per cent of GST registered businesses have filed force or deals return GSTR-1, compared to 73.9 per cent a time ago. The loftiest ever duty collection in a single day also happed on April 20 and Rs 57,847 crore was paid as GST through Rs 9.58 lakh deals. Deloitte India Partner MS Mani said while the GST collections in respect of March have always been high, the record collections of Rs1.68 lakh crore reported are on account of multiple favourable factors, including the recent changes on permitting input duty credits only upon timely compliance by the merchandisers."The impact of the continuing focus on icing timely compliance by all GST registrants by confining the input duty credits of the buyers together with enhanced analytics to descry elusion has also contributed significantly to the each- time high collections reported,"Mani said. Tax Connect Advisory Partner Vivek Jalan said while the high collection depicts that the Indian Economy is coming out of the epidemic in full swing now, it's also a result of the tremendous price rise in input cost and perpetration of GSTR 2B wherein the philanthropist can take only that important credit for input, input services and capital goods for which the supplier has filed the returns. 

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