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April GST collection record high at over Rs 1.41L cr
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SME Times News Bureau | 02 May, 2021
India's gross GST revenue collection reached a new record high of over
Rs 1.41 lakh crore in April 2021, beating all expectations of lower
collections in wake disruptions clauses by fresh wave of Covid-19.
Accordingly,
the GST revenues during April 2021 are the highest since the
introduction of the tax. The same feat was achieved even in March when
collections at over Rs 1.23 lakh crore was the highest since
introduction of GST in 2017.
"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% higher than the GST revenues in the last month of
March'2021," the Finance Ministry said in a statement.
"During
the month, the revenues from domestic transaction (including import of
services) are 21 per cent higher than the revenues from these sources
during the last month."
According to the statement, the gross GST
revenue collected in the month of April 2021 is at a record of Rs
1,41,384 crore of which CGST is Rs 27,837 crore, SGST is Rs 35,621, IGST
is Rs 68,481 crore (including Rs 29,599 crore collected on import of
goods) and Cess is Rs 9,445 crore (including Rs 981 crore collected on
import of goods).
"During this month the government has 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, the Finance Ministry statement
said.
"The all-time high collections which relates to supplies
made in March 21 could now give way to muted collections in the coming
months due to the lower economic activities in April. The continuing
focus on improving compliance and the steps taken to curb evasion
appears to be significantly improving the GST collections," said M. S.
Mani, Senior Director, Deloitte India.
GST revenues have not only
crossed the Rs 1 lakh crore mark during successively for the last seven
months but have also shown a steady increase. These are indicators of
sustained economic recovery during this period, Finance Ministry said.
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, it added.
Quarterly return and monthly
payment scheme has been successfully implemented bringing relief to the
small taxpayers as they now file only one return every three months.
Providing IT support to taxpayers in the form of pre-filled GSTR 2A and
3B returns and ramped up System capacity have also eased the return
filing process.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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