The gross goods and services tax (GST) revenue collected in the month of April 2021 stood at an all-time high record of Rs 1.41 lakh crore, said the Ministry of Finance in a statement released on Saturday, May 1. Out of the total gross GST revenue of Rs 1,41,384 crore, the central goods and services tax (CGST) stood at Rs 27,837 crore, while state good and services tax (SGST) stood at Rs 35,621 crore. According to the ministry, the GST revenue in April 2021, is the highest ever since the introduction of the GST system, surpassing the collections made in March 2021.
Additionally, the integrated goods and services tax (IGST) stood at Rs 68,481 crore (including Rs. 29,599 crore collected on the import of goods) and the cess was Rs. 9,445 crore (including Rs. 981 crore collected on import of goods). Keeping up with the trend of the recovery in the GST revenues over the last six months, the revenues in April 2021 are 14 per cent higher than the GST revenues registered in the previous month of March 2021.
In April, the revenues from the domestic transactions, which includes the import of services, were 21 per cent higher than the revenues from the same sources in March 2021. The Finance Ministry added that the GST revenues have witnessed a steady increase and crossed the Rs 1 lakh crore mark consecutively for the last seven months. The main factors which have contributed to the steady increase in tax revenue are as follows:
- Deep data analytics through data from multiple sources using GST, Income Tax, Customs IT systems
- Closer monitoring against fake billing
- Effective tax administration