GST collections in April 22 touch all-time high of Rs 1.68 lakh Cr
PrintListen to this Article
Goods and services tax (GST) collections hit an all-time high of ₹1.68 lakh crore in April, indicating strong economic activity despite multiple headwinds and better tax compliance. The April number is up 20% from the year earlier and ₹25,000 crore more than the previous highest of ₹1.42 lakh crore in March this year.
"Total number of e-waybills generated in the month of March 2022 was 7.7 crore, which is 13% higher than 6.8 crore e-way bills generated in the month of February 2022, which reflects recovery of business activity at faster pace," a finance ministry statement said on Sunday.
The ministry also attributed the jump in the returns filed to "strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence." In April 2022, 10.6 million GST returns were filed compared with 9.2 million in the year earlier.
The government expects the average monthly collection to be higher than ₹1.40 lakh crore for the first quarter of this fiscal.
"The all-time high magnitude of inflows is very enthusing, and augurs well for a robust year on year growth in the months ahead as well," said ICRA chief economist Aditi Nayar. "This is also evidence of a healthy pace of economic activity in March 2022 in spite of the escalating geopolitical conflict."
The highest-ever GST collection in a single day took place on April 20 - ₹57,847 crore through 958,000 transactions.
For the March quarter, the average monthly GST collection stood at ₹1.38 lakh crore. "Sincerely recognise and appreciate the efforts made by each and every state in improving GST revenue collection. India's economic recovery is sure to be on a sustained path due to all our efforts," finance minister Nirmala Sitharaman tweeted.
"Clear proof that Indian economy is firing on all cylinders!" said Hardeep Singh Puri, minister of petroleum and natural gas.
Of the total, central GST amounted to ₹33,159 crore, state GST was ₹41,793 crore, integrated GST was ₹81,939 crore while ₹36,705 crore was collected on import of goods. Cess collection was ₹10,649 crore, including ₹857 crore on import of goods. The government has settled ₹33,423 crore toward central GST and ₹26,962 crore toward state GST from the integrated GST.
Category : GST | Comments : 0 | Hits : 1060
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments