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GST revenue collection set a new record with Corona, the highest figure ever touched

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Photo:CIBC@TWITTER New Record GST revenue hits all-time high of Rs 1.41 lakh cr in April

New Delhi. The GST collections touched a record high in April, 2021. The government has received revenue of Rs 1.41 lakh crore during this period. This is an indication that the economy is improving. The Finance Ministry said on Saturday that the GST collection in April 2021 is 14 percent higher than in March. In March 2021, there was a tax collection of Rs 1.23 lakh crore.

During April, domestic transactions (including import of services) have been 21 percent higher than the previous month. The ministry said in its statement that GST Collection Not only has it crossed the 1 lakh crore mark for the seventh consecutive month but tax collection is also increasing continuously. During this period, there are clear indications that the economy is continuously improving.

Continued growth in revenue is also being recorded due to strict monitoring of fake bills, using data analytics from various sources including GST, income tax and custom IT systems and effective tax administration. The gross GST collection in April 2021 has been a record Rs 1,41,384 crore, including CGST 27,837 crore, SGST 35,621 crore, IGST 68,481 crore (including Rs 29,599 crore collected on import of products) and Cess Rs 9,445 crore (tax collected on import of products 981 crores inclusive).

The ministry said that the second wave of Kovid-19 has affected all parts of the country, so Indian enterprises have once again shown strength and filed returns and paid their GST dues on time.

Tax experts, however, said the April figures reflect economic activity in March and that there may be some drop in GST collections in the coming months due to the lockdown in some parts of the country to prevent Kovid-19 infection. MS Mani, senior director, Deloitte India, said the high collections figures in April may decline in the coming months due to a decline in economic activity. Rajat Bose, partner of Shardul Amarchand Mangaldas & Co, said the real challenge lies ahead as most parts of the country are in lockdown again and most industries are temporarily closed.

 

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