INSUBCONTINENT EXCLUSIVE:
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
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.
