Economy
GST Collection At All-Time High Of Rs 1.68 Lakh Crore In April
- GST collection in April touched an all-time high of Rs 1.68 lakh crore.
- The revenues for the month of April 2022 are 20 per cent higher than the GST revenues in the same month last year.
GST collections
The gross Goods and Services Tax (GST) collection in April touched an all-time high of Rs 1.68 lakh crore, the Ministry of Finance said on Sunday (1 May).
For the first time gross GST collection has crossed Rs 1.5 lakh crore mark.
"The gross GST revenue collected in the month of April 2022 is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST is Rs 41,793 crore, IGST is Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess is Rs 10,649 crore (including Rs 857 crore collected on import of goods)," the Finance Ministry said in a statement.
The gross GST collection in April 2022 is all time high breaching earlier record of Rs 1.42 lakh crore collected in March 2022.
The government has settled Rs 33,423 crore to CGST and Rs 26,962 crore to SGST from IGST as regular settlement.
The revenues for the month of April 2022 are 20 per cent higher than the GST revenues in the same month last year.
During the month, revenues from import of goods was 30 per cent higher and the revenues from domestic transaction (including import of services) are 17 per cent higher than the revenues from these sources during the same month last year.
Total number of e-way bills generated in the month of March 2022 was 7.7 crore, which is 13 per cent higher than 6.8 crore e-way bills generated in the month of February 2022, which reflects recovery of business activity at faster pace.
Also, month of April 2022 saw the highest ever tax collection in a single day on 20th April 2022 and highest collection during an hour, during 4 to 5PM on that day.
On 20th April 2022, Rs 57,847 crore was paid through 9.58 lakh transactions and during 4-5 PM, almost Rs 8,000 crore was paid through 88,000 transactions.
During April 2022, 1.06 crore GST returns in GSTR-3B were filed, of which 97 lakh pertained to the month of March 2022, as compared to total 92 lakh returns filed during April 2021.
Similarly, during April 2022, 1.05 crore statements of invoices issued in GSTR-1 were filed. Till end of the month, the filing percentage for GSTR-3B in April 2022 was 84.7 per cent as compared to 78.3 per cent in April 2021 and the filing percentage for GSTR-1 in April 2022 was 83.11 per cent as compared to 73.9 per cent in April 2021.
"This shows clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to making compliance easier and smoother and strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence," the ministry said.
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