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GST revenue collection for April '21 sets new record at Rs 1,41,384 crore
New Delhi, May 3, 2021
The gross Goods and Service Tax (GST) revenue collected in April has hit a record high of Rs 1,41,384 crore, the Ministry of Finance has said.
Of this amount, Central GST (CGST) is Rs 27,837 crore, State GST (SGST) Rs 35,621, Integrated GST (IGST) Rs 68,481 crore (including Rs 29,599 crore collected on import of goods) and cess Rs 9,445 crore (including Rs 981 crore collected on import of goods), a press release from the Ministry said.
Despite the second wave of COVID-19 pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience by not only complying with the return-filing requirements but also paying their GST dues promptly during the month, it said.
"The GST revenues during April are the highest since the introduction of GST, even surpassing collections in the last month. In line with the trend of recovery in the GST revenues over the past six months, the revenues for April 2021 are 14% higher than the GST revenues in the previous month. The revenues from the domestic transactions (including import of services) are 21% higher than the revenues from these sources during last month.
"GST revenues have not only crossed the Rs 1 lakh crore mark successively for the last seven months but have also shown a steady increase. 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. A quarterly return and monthly payment scheme have 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 has also eased the return filing process.
"During this month the government has settled Rs 29,185 crore to CGST and Rs 22,756 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular and ad-hoc settlements in April is Rs 57,022 crore for CGST and Rs 58,377 crore for the SGST," the release added.