GST cleanup hits record high of Rs 1.68 trillion in April on robust trade activity

0

Goods and Services Tax (GST) collection hit a record high of 1.68 trillion rupees in April, remaining above the 1.10 trillion rupees level since July last year. This is the first time the collection has crossed the Rs 1.5 trillion mark. The previous high was recorded in March at over 1.42 trillion rupees.

“Gross GST collection in April 2022 is Rs 25,000 crore higher than the highest collection of last month, the Ministry of Finance said on Sunday when releasing monthly collection data.



“The robust cleanup could be attributed to improved compliance behavior, which was the result of various measures taken by the tax administration to encourage taxpayers to file their returns in a timely manner, to make compliance easier and more flow and strict enforcement actions taken against errant taxpayers identified based on data analysis and artificial intelligence, the ministry said.

The total number of e-way invoices generated in the month of March 2022 was 77 million, which is 13% more than the 68 million e-way invoices generated in the month of February 2022, reflecting the recovery in commercial activity at a faster pace. pace, he said.

Of the total collection, CGST was Rs 33,159 crore, SGST was Rs 41,793 crore, IGST is Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and tax is Rs 10,649 crore (including Rs 857 crore collected on import of goods).

The government settled Rs 33,423 crore to CGST and Rs 26,962 crore to SGST from IGST. The total income of Center and States in the month of April 2022 after regular settlement is Rs 66,582 crore for CGST and Rs 68,755 crore for SGST.

Revenues for the month of April 2022 are 20% higher than GST revenues for the same month last year. During the month, income from the import of goods increased by 30% and income from domestic transaction (including the import of services) was 17% higher than income from these sources during the same month l last year.


Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Share.

Comments are closed.