India’s GST revenue collection reaches record high in April
- 01 May 2021
India’s gross GST revenue collection reached a new record high of over Rs1.41 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 Rs1.23 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 Rs1,41,384 crore of which CGST is Rs27,837 crore, SGST is Rs35,621, IGST is Rs 68,481 crore (including Rs29,599 crore collected on import of goods) and Cess is Rs9,445 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 MS Mani, Senior Director, Deloitte India.
GST revenues have not only crossed the Rs1 lakh crore mark during successively for the last seven months but have also shown a steady increase.