GST Collection For March Hits An All-Time High Of Rs 1.41 Lakh Crore
GST revenues in April see a 14% increase compared to March collections.
India's goods and services tax collection touched an all-time high as the economy continues to rebound after the disruption caused by the pandemic.
GST revenue for March, collected in April, was around Rs 1,41,384 crore, according to a statement from the Ministry of Finance on Saturday. That was 14% higher than the previous month. This was the seventh consecutive month that the GST revenue has stayed above Rs 1 lakh crore.
Since it's the year-end, most companies close their books and raise invoices during the financial close, Rajat Bose, partner at Shardul Amarchand Mangaldas & Co. said. That is perhaps one of the reasons for the spurt in GST collections in April. "The real challenge lies ahead as most parts of the country are again in a lockdown and most industries are temporarily shut," Bose said in an emailed comment to the media.
Breakup of GST collection for April:
- CGST: Rs 27,837 crore
- SGST: Rs 35,621 crore
- IGST: Rs 68,481 crore (including Rs 29,599 crore collected on import of goods)
- Cess: Rs. 9,445 crore (including Rs 981 crore collected on import of goods
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 in a timely manner during the month, the Ministry of Finance said in the official statement.
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.Ministry Of Finance Statement
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 April, the government has settled Rs 29,185 crore to CGST and Rs 22,756 crore to SGST from IGST as a regular settlement. The total revenue of Centre and 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 official statement said.