BANKING AND ECONOMY
In the month of April 2022, the Goods and services tax (GST) collections hit an all-time high of Rs 1,67,540 crores which is 20% from the previous year. The collection is ₹25,000 crores (i.e. 18%) more than the previous highest of ₹1.42 lakh crore in March this year. For the first time, gross GST collection has crossed the Rs 1.5-lakh-crores mark. This is the tenth month in a row that the GST revenues crossed Rs 1 lakh crore mark.
Among the total collection of Rs 1.68 crores, CGST collection is Rs 33,159 crore, SGST collection is Rs 41,793 crore, IGST collection is Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess collection is Rs 10,649 crore.
This increase in the GST collection shows clear improvement in the compliance behavior, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to making compliance easier and smoother, and strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence.
Maharashtra saw the most GST collection at Rs 27,495 crore. The state was followed by Karnataka, Gujarat, Uttar Pradesh, and Haryana. The state Uttarakhand saw the highest rise i.e. up 33%.
Mizoram saw the lowest GST collection at Rs 46 crore. The state was followed by Nagaland, Manipur, Tripura, and Arunachal Pradesh.
In terms of e-way bills generation, it was recorded at 7.7 crores in March 2022 which is 13% higher than the 6.8 crore e-way bills generated in February 2022. This reflects the recovery of business activity at a faster pace.
The GST collection was increased as a result of various measures taken by the tax administration to nudge taxpayers to file timely returns and make compliance easier, and smoother, and strict enforcement action was taken against errant taxpayers.