GST revenue in AP at all-time high of Rs 1.68 lakh crore
Highlight
- The growth is primarily due to better compliance and improved business activity
- 1.06 crore GST returns filed during the month GSTR-3B
- Revenue from import of goods was 30 percent higher
The GST collection in April touched an all-time high of nearly Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on better compliance and improved business activity, the finance ministry said on Sunday. . During the month, 1.06 crore GST returns were filed from GSTR-3B, of which 97 lakh pertained to March 2022. The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST is Rs 41,793 crore. IGST cess of Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.
Gross GST collection in April 2022 is at an all-time high and Rs 25,000 crore more than the previous highest collection of Rs 1.42 lakh crore recorded in March. In April last year, around Rs 1.40 lakh crore was collected from the Goods and Services Tax (GST). Giving comparable data of April GST return filing, the ministry said that “there has been a clear improvement in the compliance practice, which is based on the various measures taken by the tax administration to enable the taxpayers to file returns on time, to make compliance easier and stricter.” The result is enforcement action against errant taxpayers identified on the basis of data analytics and artificial intelligence.
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During the month, revenue from imports of goods was 30 per cent higher and revenue from domestic transactions (including import of services) was 17 per cent higher than revenue from these sources during the corresponding month of the previous year. The ministry said the total number of e-way bills stood at 7.7 crore in March 2022, an increase of 13 per cent from 68 crore in February 2022, indicating recovery of business activity at a faster pace. In April 2022, 84.7 per cent of registered businesses paid taxes by filing GSTR-3B, as against 78.3 per cent in the year-ago period. Also, 83.11 per cent of GST registered businesses have filed supply or sales return GSTR-1, as against 73.9 per cent a year ago.
The highest ever tax collection in a single day also happened on April 20 and Rs 57,847 crore was paid as GST through 9.58 lakh transactions. Deloitte India partner MS Mani said that while GST collections have always been high with respect to March, the reported record collection of Rs 1.68 lakh crore is due to several favorable factors, including the recent change on allowing input tax credit only on timely compliance. Are included. Seller. Mani said, “The impact of continued focus on ensuring timely compliance by all GST registrars by restricting input tax credit of buyers as well as enhanced analysis to detect evasion has also contributed to the high collections so far. Contributed,” Mani said.
Tax Connect Advisory Partner Vivek Jalan said that the higher collection indicates that the Indian economy is now coming out of the pandemic in full swing, it is also a result of tremendous price rise in input cost and implementation of GSTR 2B in which the recipient can take inputs, Credit for input services and capital goods only to the extent for which the supplier has filed his return.
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