At Rs 1.41 trillion, GST collection for April 2021 sets new record
According to the Ministry of Finance, GST receipts in April are the highest since the 2017 indirect tax reform
Even as India continued to grapple with the second wave of the Covid-19 pandemic with lockdowns imposed in various parts of the country, central and state governments collected a record Rs1.41 trillion in Goods and Services Tax (GST) in April.
According to the Ministry of Finance, GST receipts in April are the highest since the 2017 indirect tax reform. Revenues for April are 14% higher than the GST revenue collected in March.
In April, central and state governments collected Rs 57,022 crore and Rs58,377 crore respectively after settlement.
“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," said an official statement.
GST revenues have stayed above the Rs1 trillion mark for seven months consecutively and have been showing growth, said the statement.
“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," said the finance ministry.
It also said that the scheme allowing small taxpayers to file GST returns quarterly and pay taxes on a monthly basis has been successfully implemented. Providing IT support to taxpayers in the form of pre-filled returns have also eased the return filing process, it said.
The government has in the last few months tightened various disclosure and compliance requirements with the idea of checking tax evasion. The authorities have also held a campaign against fake invoicing and have booked cases against a large number of companies.