GST collections in April 2021 is the highest since the intro of the GST systemThe gross items and services tax (GST) income gathered in the month of April 2021 stood at an all-time high record of Rs 1.41 lakh crore, stated the Ministry of Financing in a statement released on Saturday, May 1.
Out of the overall gross GST income of Rs 1,41,384 crore, the main products and services tax (CGST) stood at Rs 27,837 crore, while state excellent and services tax (SGST) stood at Rs 35,621 crore.
According to the ministry, the GST revenue in April 2021, is the greatest since the introduction of the GST system, going beyond the collections made in March 2021.
Furthermore, the incorporated goods and services tax (IGST) stood at Rs 68,481 crore (including Rs.
29,599 crore collected on the import of goods) and the cess was Rs.
9,445 crore (consisting of Rs.
981 crore collected on import of items).
Keeping up with the trend of the recovery in the GST incomes over the last six months, the profits in April 2021 are 14 percent higher than the GST revenues signed up in the previous month of March 2021.
In April, the incomes from the domestic transactions, that includes the import of services, were 21 per cent higher than the revenues from the exact same sources in March 2021.
The Financing Ministry added that the GST earnings have actually witnessed a constant boost and crossed the Rs 1 lakh crore mark consecutively for the last 7 months.
The main aspects which have actually contributed to the constant boost in tax revenue are as follows: Deep data analytics through information from numerous sources using GST, Income Tax, Customs IT systemsCloser tracking against fake billingEffective tax administrationIn April 201, the federal government settled a quantity of Rs.
29,185 crore to the CGST and a sum of Rs.
22,756 crore to SGST from IGST as routine settlement.
Overall, the overall profits of the main government and the States after the regular and ad-hoc settlements stood at Rs.
57,022 crore for CGST and Rs.
58,377 crore for the SGST, in April 2021.