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April GST: Revenue Collection Sets New Record At Rs 1,41,384 Crore
Despite the second wave of the COVID-19 pandemic affecting various nations of the city, Indian businesses have once again demonstrated remarkable resiliency by not only complying with return filing requirements but also paying their GST dues on time during the month.
The total GST revenue received in April 2021 reached a new high of Rs. 1,41,384 crore, with CGST at Rs. 27,837 crore, SGST at Rs. 35,621, IGST at Rs. 68,481 crore, and Cess at Rs. 9,445 crore.
GST collections in April 2021 were the highest since the launch of GST, also surpassing those in the previous month (March 2021). The GST revenues for the month of April 2021 are 14 percent higher than the GST revenues for the month of March 2021, continuing the trend of recovery in GST revenues over the previous six months.
Domestic transaction revenues (including service imports) were 21 percent higher this month than they were the previous month.
GST sales have not only surpassed Rs. 1 lakh crore for the seventh time in a row, but have also been steadily increasing. There are strong signs of a long-term economic recovery during this period.
As part of the regular settlement, the government paid Rs. 29,185 crore to CGST and Rs. 22,756 crore to SGST from IGST this month. In April 2021, the combined revenue of the Centre and States after normal and ad-hoc settlements is Rs. 57,022 crores for the CGST and Rs. 58,377 crore for the SGST.
GST Initiatives
Closer tracking of false billing, deep data analytics based on data from a variety of sources, including GST, Income-tax, and Customs IT systems, and efficient tax administration have all led to the steady rise in tax revenue. Small taxpayers will benefit from the implementation of the quarterly return and monthly payment plan, as they will only have to file one return every three months.
The return filing process has also been made easier by providing IT support to taxpayers in the form of pre-filled GSTR 2A and 3B returns and increased System capability.
