GST revenue collection for April hits a record Rs1,41,384 crore
04 May 2021
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Gross revenue collection from Goods and Services Tax (GST) in April 2021 stood at a record Rs1,41,384 crore, figures released by the finance ministry showed.
The April GST mop-up included CGST of Rs27,837 crore, SGST of Rs35,621 ceore, IGST of Rs68,481 crore (also comprising Rs29,599 crore collected on import of goods) and Cess of Rs9,445 crore (including Rs981 crore collected on import of goods).
The surge in GST collection an=midst a second, harsher, wave of Covid-19 pandemic affecting several parts of the country, once again shows the remarkable resilience of Indian businesses - not only in complying with the return filing requirements but also in paying their GST dues in a timely manner – the finance ministry noted.
GST revenues during April 2021 are the highest since the introduction of GST, also surpassing collections in March 2021. In line with the trend of recovery in the GST revenues over the past six months, revenues for the month of April 2021 are 14 per cent higher than the GST revenues in March 2021. During the month, revenues from domestic transaction (including import of services) were 21 oer cent higher compared to revenues from these sources during March 2021.
GST revenues, which crossed the Rs1 lakh crore mark early last year, has been showing steady increase over the last seven months. These are clear indicators of sustained economic recovery during this period. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue.
Quarterly return and monthly payment scheme has been successfully implemented bringing relief to the small taxpayers as they now file only one return every three months. Providing IT support to taxpayers in the form of pre-filled GSTR 2A and 3B returns and ramped up system capacity have also eased the return filing process.
During the month the government settled Rs29,185 crore of CGST and Rs22,756 crore of SGST from IGST as regular settlement. The total revenue of the centre and the states after regular and ad-hoc settlements in April 2021 stood at Rs57,022 crore for CGST and Rs58,377 crore for SGST.
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