[ad_1]
GST Collection April 2022: The Goods and services tax (GST) collections hit an all-time high of Rs 1.68 lakh crore in April 2022, as per data released by the Union Finance Ministry on May 2, 2022. This is the highest level of GST collections since its rollout in July 2017.
The April 2022 GST collections mark a 20 percent increase from the April 2021 figure of Rs 1.39 lakh crore. The number is also Rs 25000 more than the previous highest GST collections of Rs 1.42 lakh crore recorded in March 2022, implying strong economic activity despite the current geopolitical situation. The growth in revenue collections in April has also been the fastest since November 2021.
The Finance Ministry said in its statement that the total number of e-waybills generated in the month of March 2022 was 7.7 crore, which is 13 percent higher than the 6.8 crore e-way bills generated in February 2022. This reflects recovery of business activity at faster pace.
Read: RBI Rate Hike: RBI hikes repo rate by 40 bps to 4.40 percent with immediate effect- Know Why Here
Why GST collection in April 2022 touched all-time high?
Following are some of the reasons why India’s GST revenues touched a new record of Rs 1.67 lakh crore in April, :
-Improved economic activity
-Recovery of Business Activity at a Faster Pace
-Improved compliance
-Better tax administration enabling taxpayers to file timely returns
-Improved enforcement action against tax evaders by identifying them through data analytics and artificial intelligence.
India has achieved record breaking ₹1.68 lakh crore in GST collections for the month of April showing the strength of one nation one tax : PM @narendramodi
— MyGovIndia (@mygovindia)
May 2, 2022
Highest Single-Day GST CollectionApril also witnessed the highest-ever single-day GST tax collection when Rs 57,847 crore was paid through 9.58 lakh transactions on April 20, 2022. The highest GST collection during an hour also took place on April 20th when almost Rs 8000 crore was paid throuh 88,000 transactions between 4-5 pm. The highest single-day tax collection last year also had taken place on the same date and it amounted to Rs 48,000 crore through 7.22 lakh transactions. This comes of the commendable usage of technology in compliances and analytics by the Government. The current steep growth is based on all major states reporting an increase in GST collections ranging from 9 percent to 25 percent. |
GST Collection State-wise Growth
The GST collection increased the most in Uttarakhand, which reported a 33 percent increase to Rs 1,887 crore in April 2022 from Rs 1,422 crore in April 2021. GST Collections for a few other major states also remained above 20 percent like Maharashtra (25 per cent), Odisha(28 per cent), Haryana (22 per cent) and Andhra Pradesh (22 per cent).
Check State-wise growth of GST Revenues in April 2022
State |
Apr-21 |
Apr-22 |
Growth |
Jammu and Kashmir |
509 |
560 |
10% |
Himachal Pradesh |
764 |
817 |
7% |
Punjab |
1,924 |
1,994 |
4% |
Chandigarh |
203 |
249 |
22% |
Uttarakhand |
1,422 |
1,887 |
33% |
Haryana |
6,658 |
8,197 |
23% |
Delhi |
5,053 |
5,871 |
16% |
Rajasthan |
3,820 |
4,547 |
19% |
Uttar Pradesh |
7,355 |
8,534 |
16% |
Bihar |
1,508 |
1,471 |
-2% |
Sikkim |
258 |
264 |
2% |
Arunachal Pradesh |
103 |
196 |
90% |
Nagaland |
52 |
68 |
32% |
Manipur |
103 |
69 |
-33% |
Mizoram |
57 |
46 |
-19% |
Tripura |
110 |
107 |
-3% |
Meghalaya |
206 |
227 |
10% |
Assam |
1,151 |
1,313 |
14% |
West Bengal |
5,236 |
5,644 |
8% |
Jharkhand |
2,956 |
3,100 |
5% |
Odisha |
3,849 |
4,910 |
28% |
Chhattisgarh |
2,673 |
2,977 |
11% |
Madhya Pradesh |
3,050 |
3,339 |
9% |
Gujarat |
9,632 |
11,264 |
17% |
Daman and Diu |
1 |
0 |
-78% |
Dadra and Nagar Haveli |
292 |
381 |
30% |
Maharashtra |
22,013 |
27,495 |
25% |
Karnataka |
9,955 |
11,820 |
19% |
Goa |
401 |
470 |
17% |
Lakshadweep |
4 |
3 |
-18% |
Kerala |
2,466 |
2,689 |
9% |
Tamil Nadu |
8,849 |
9,724 |
10% |
Puducherry |
169 |
206 |
21% |
Andaman and Nicobar Islands |
61 |
87 |
44% |
Telangana |
4,262 |
4,955 |
16% |
Andhra Pradesh |
3,345 |
4,067 |
22% |
Ladakh |
31 |
47 |
53% |
Other Territory |
159 |
216 |
36% |
Center Jurisdiction |
142 |
167 |
17% |
Grand Total |
1,10,804 |
1,29,978 |
17% |
Source: PIB
SignificanceThe steadfast growth in GST Collections with a Rs 135,000 Cr average a month, reflects a stabilisation of the GST collection & growth that reflects enhanced business activities as well. April is the 10th month in a row when GST revenues crossed Rs 1 lakh crore mark. |
Background
The central government has settled Rs 33,423 crore to CGST and Rs 26962 crore to SGST from IGST. The total revenue earned by the Centre and the States in April 2022 after the regular settlement is Rs 66,582 crore for CGST and Rs 68,755 crore for the SGST.
A total of Rs 1.06 crore of self-declared GSTR-3B returns were filed in April 2022, out of which 97 lakh pertained to March, as against 92 lakh filed during April 2021. A total of 1.05 crore statements of invoices issued in GSTR-1 (outward supplies returns) were also filed in the month.
[ad_2]
Source link