GST Collections Touched All-Time High of Rs 1.68 Lakh Crore

The finance ministry announced that the Goods and Service Tax (GST) collections in April 2022 stood at Rs. 1,67,540 crore. The ministry stated that these collections stood at an all-time high since GST inception against the earlier record of Rs. 1,42,095 crore in March 2022. The April 2022 collections are more than Rs. 25,000 crore compared to March 2022 and 20% higher than April 2021.

The GST collections consist of the following:

The Integrated GST (IGST) includes an amount of Rs.36,705 crore collected on import of goods, and the GST Cess includes Rs.857 crore collected on import of goods.

The gross GST collection has crossed the Rs 1.5 lakh crore mark for the first time. Also, the total e-way bills generated in March 2022 were 7.7 crore, which was 13% higher than in February 2022. The increase in the e-way bill generation reflected the recovery of business activity faster and stood as a clear indication of higher GST collections.

During April 2022, taxpayers filed 1.06 crore GSTR-3B returns, of which 97 lakh related to March 2022, compared to 92 lakh returns filed during April 2021.

Similarly, in April 2022, 1.05 crore GSTR-1 returns were filed. The GSTR-3B filing % in April 2022 was 84.7% compared to 78.3% in April 2021, and the GSTR-1 filing % in April 2022 was 83.11% compared to 73.9% in April 2021.

The department took various measures to nudge taxpayers for timely return filing, and it improved the compliance behaviour and ultimately increased the revenue collections. Also, the department used data analytics and artificial intelligence to identify and take action against errant taxpayers.

For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in

AJ

DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.