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GST revenue collection hits fresh high of Rs 1.7 L crore in April

GST earnings collection strikes fresh high of Rs 1.7 L crore in April

BRAND-NEW DELHI: Item and services tax (GST) collections increased almost 20% in April to reach a fresh high of nearly Rs 1.7 lakh crore, indicating a continued buoyancy in earnings due to higher financial activity and tighter guideline. The development in earnings collections in April, based upon transactions in March, is the fastest pace of expansion given that November 2021.
“For the very first time gross GST collection has crossed the Rs 1.5 lakh crore mark. Overall number of e-way costs produced in the month of March 2022 was 7.7 crore, which is 13% greater than 6.8 crore e-way costs created in the month of February 2022, which reflects recovery of company activity at faster pace,” the financing ministry said in a statement.
The federal government is banking on higher-than-budgeted profits collections to handle the increased spending, due to the Ukraine war and extension of the complimentary foodgrains scheme by another 6 months.
A strong growth also augurs well for the states, which will have to make do without compensation from the Centre as the 14% guaranteed profits development formula is due to end in June. “The record collection is in the backdrop of the commendable use of innovation in compliances by the government. Also, the usage of analytics has actually helped too. It is intriguing to note that the development is throughout the majority of the states. The constant development over the current collection of Rs 135,000 core average a month, shows a stabilisation of the GST collection and growth as well. The development also reflects improved business activities,” Mahesh Jaising, a partner at seeking advice from company Deloitte India, said.
During April 2022, 1.1 crore GST returns were submitted in April, with 97 related to April, the finance ministry said. Till end of the month, the filing percentage for GSTR-3B in April 2022 was 84.7% as compared to 78.3% in April 2021 and the filing percentage for GSTR-1 in April 2022 was 83.11% as compared to 73.9% in April 2021. “This shows clear improvement in the compliance behaviour, which has actually been a result of numerous procedures taken by the tax administration to nudge taxpayers to file returns prompt, to making compliance easier and smoother and stringent enforcement action taken against errant taxpayers determined based on data analytics and AI” it said.

Released at Sun, 01 May 2022 22:13:33 +0000

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