gst

GST collections in April hike all-time high of Rs 1.68 lakh crore unexpectedly

GST:

The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally.

New Delhi: Goods and services tax (GST) collections hit an all-time high of 1.68 lakh crore in April, indicating strong economic activity despite multiple headwinds and better tax compliance. The April number is up 20% from the year earlier and 25,000 crore more than the previous highest of 1.42 lakh crore in March this year.

“Total number of e-waybills 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, which reflects recovery of business activity at faster pace,” a finance ministry statement said on Sunday.

The ministry also attributed the jump in the returns filed to “strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence.”

“In April 2022, 10.6 million GST returns were filed compared with 9.2 million in the year earlier”

 

Source: Economic times india

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