The Business Bytes
TBB BUREAU
NEW DELHI, MAY 1, 2021
The gross Goods and Services Tax (GST) revenue collection for April 2021 hit new record high of Rs 1,41,384 crore, of which CGST was Rs 27,837 crore, SGST Rs 35,621, IGST Rs 68,481 crore (including Rs. 29,599 crore collected on import of goods), and Cess Rs. 9,445 crore (including Rs. 981 crore collected on import of goods), as per the press note released by the government.
The GST revenues during April 2021 are the highest since the introduction of GST even surpassing collections in March 2021.
“In line with the trend of recovery in the GST revenues over past six months, the revenues for the month of April 2021 are 14 percent higher than the GST revenues in the month of March 2021,” the note read.
During the month, the revenues from domestic transactions, including import of services were up 21 percent than the revenue from these sources last month.
GST revenues have not only crossed the Rs 1 lakh crore mark successively for the last seven months but have also shown a steady increase, the government added.
According to the government, close 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 increase in this month’s revenue.
In April, the government settled Rs. 29,185 crore to CGST and Rs. 22,756 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the States after regular and ad-hoc settlements in the month of April’ 2021 is Rs. 57,022 crore for CGST and Rs. 58,377 crore for the SGST.
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.
