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GST collection touches a new high in April 2022

Tags: Economy/Finance

Since the implementation of the Goods and Service Tax(GST) in July 2017 the  GST collection rose to Rs 1.68 lakh crores in April for the sales of goods and service in the month of march 2022.

This is a 20% percent increase from the April 2021 level. In April 2021 the total GST collection was Rs 1.40 lakh crore. 

 Highlights of the GST data released by the Ministry of Finance 

The gross GST revenue collected in the month of April, 2022 is Rs 1,67,540 crore of which 

  • Central Goods and Service Tax( CGST) is Rs  33,159 crore, 

  •  State Goods and Service Tax (SGST) is Rs  41,793 crore,  

  • Inter-State Goods and Service Tax(IGST) is Rs  81,939 crore (including Rs  36,705 crore collected on import of goods) and 

  • Cess is Rs  10,649 crore (including Rs  857 crore collected on import of goods).

For the first time the GST collection crossed Rs 1.5 lakh crore in a month. 

The government has settled Rs 33,423 crore to CGST and Rs 26962 crore to SGST from IGST. The total revenue of Centre and the States in the month of April 2022 after regular settlement is Rs 66,582 crore for CGST and Rs 68,755 crore for the SGST.

Total number of e-way bills generated in the month of March 2022 was 7.7 crore, which is 13% higher than 6.8 crore e-way bills generated in the month of February 2022.

Month of April 2022 saw the highest ever tax collection in a single day on 20th April 2022 and the total tax collection was  Rs  57,847 crore, paid through 9.58 lakh transactions.

During April 2022, 1.06 crore GST returns in GSTR-3B(self-declared ) were filed, of which 97 lakh pertained to the month of March 2022, as compared to total 92 lakh returns filed during April 2021. 

Similarly, during April 2022, 1.05 crore statements of invoices issued in GSTR-1 were filed. 

Till end of the month, the filing percentage for GSTR-3B in April 2022 was 84.7% as compared to 78.3% in April 2021 and the filing percentage for GSTR-1 in April 2022 was 83.11% as compared to 73.9% in April 2021.

Reason for increase in GST collection

There are various reasons for the record GST collection in the month of April 2022 which reflects the sale of goods and services in the month of March 2022.

Some of the important factors are:

  • March being the last month of the financial year there is a rush by taxpayers to file tax returns so as to avoid fines and other penalties.

  • Due to high inflation rates the price of the goods and services which are being sold has also increased leading to greater tax collection in volume. 

  • Government has  allowed the input tax credit to the seller only if they timely file their returns, leading to better tax compliances .

  • High value of Imports .Revenues from import of goods were 30 per cent higher and from domestic transactions (including import of services) 17 per cent more than in the same month last year.

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