GST revenue collection hit a record Rs 1.68 lakh crore last month. This has been attributed to an improvement in economic activities after the pandemic struck.
On the strength of improved economic activity, goods and services tax (GST) receipts reached an all-time high of over 1.68 lakh crore in April. This comes on the heels of the second-highest collection of 1.42 lakh crore recorded in March 2022. The April collection is 25,000 crore greater than the March collection.
The overall GST collected in April is 1,67,540 crore, of which 33,159 crore is CGST, 41,793 crore is SGST, 81,939 crore is IGST, and 10,649 crore is cess. As gas prices rise and consumers foot the bill for ‘country building,’ ONGC and RIL laugh all the way to the bank.
The revenues for April 2022 are 20% more than the GST collections for the same month last year. This month, income from imported items climbed by 30%, while revenue from local transactions increased by 17%.
It was the first occasion when the overall GST revenue surpassed 1.5 lakh crore. The month’s highest tax revenue occurred on April 20, 2022.
The finance ministry stated in a statement that there has been a “clear improvement in compliance behavior as a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to make compliance easier, and strict enforcement action was taken against errant taxpayers identified based on data analytics and artificial intelligence.”