GST collection hits lifetime high in April 2022


The monthly collection of Goods & Service Tax (GST) reached an all-time high of Rs 1.68 lakh crores in April 2022.

This is the first time ever that the GST collection has surpassed the Rs 1.5 lakh crore mark & the tenth consecutive time it has crossed Rs 1 lakh crore since the introduction of the tax regime in 2017.

The gross GST revenue in April 2022 was Rs 1,67,540 crores, Rs 33,159 crores CGST, Rs 41,793 crores SGST & IGST Rs 81,939 crores (of which Rs 36,705 crores was collected from imports) along with a cess of Rs 10,649 crores (including Rs 857 crore on imports).

The Finance Ministry attributed the rise in GST collections to the ongoing economic recovery along with anti-evasion activities and the various rate rationalization measures undertaken by the GST Council to correct inverted duty structures.

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There were, however, wide variations in growth trends across States. While Tamil Nadu's collections grew just 10% in April, Maharashtra saw collections rise by 25%, Odisha by 28%, Haryana by 23%, and Andhra Pradesh by 22%. Karnataka and Rajasthan recorded a 19% uptick in GST collections, while the growth rate was 17% for Gujarat, and 16% for Telangana, Uttar Pradesh, and Delhi.

Six states and Union Territories reported a contraction in revenues from a year ago, including Bihar (-2%), Manipur (-33%), Mizoram (-19%), and Tripura (-3%). GST inflows from Lakshadweep fell 18% YoY, while those in Daman and Diu dropped a sharp 78%.

The total number of e-way bills generated in March 2022 was 7.7 crore, which is 13% higher than 6.8 crores in February 2022, indicative of the fact that businesses are recovering faster than anticipated.

Article by Aman Agarwal.

This news piece is brought to you in association with jobaaj.com

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