Saturday, 28 January 2023

GST collection for April touches ₹1.68 lakh crore

GST collection for April touches ₹1.68 lakh crore

The GST (Goods and Services Tax) revenues exceed the ₹1.5 lac crore mark for the first time while continuing its streak of record collections for the second time in a row, with the highest-ever gross collection in April at ₹1,67,540 cr,

Around 18% more than the previous record of ₹1,42,095 cr in March on the back of quicker economic recovery, better tax administration, and enlarged compliance.

The month of April also saw the highest ever tax collection in a single day on April 20, 2022, when ₹57,847 crores were paid through 9.58 lakh transactions, the ministry said. Last year, the highest single-day payment on the same date was ₹48,000 crores through 7.22 lakh transactions.

“This shows clear improvement in the compliance behavior, which has been a result of various measures taken by the tax department to nudge taxpayers to file returns timely,

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The ministry said.

To make compliance effortless and smoother and strict enforcement actions taken against guilty taxpayers identified based on artificial intelligence and data analytics,” 

This is the 10th month in a row that the GST revenues crossed the ₹1 lakh crore mark, and the record collection of ₹1,67,540 crore in April is 19.92% higher than ₹1,39,708 crore achieved in the same month a year ago, according to official data.

The gross revenue collected in April 2022 has ₹33,159 crores central GST (CGST) component, ₹41,793 crore state GST (SGST), and ₹81,939 crore integrated GST (IGST), which includes ₹36,705 crores collected on import of goods. Cess collections in the month were ₹10,649 crores, including ₹857 crores collected on import of goods.

The government has settled ₹33,423 crores to CGST and ₹26,962 to SGST from IGST. The union finance ministry said that the total revenue of the Centre and the states in April 2022 after a regular settlement is ₹66,582 crore for CGST and ₹68,755 crores for the SGST.

The number of e-way bills generated in March 2022 was 7.7 crore, 13% higher than the 6.8 crore e-way bills generated in February 2022, reflecting a faster recovery of business activity.

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