April GST Collections

Mizoram Chief Minister Lalduhoma said the northeastern state has registered a 52 per cent growth in Goods and Services Tax (GST) in April this year. Quoting the data released by the Union Finance Ministry, Lalduhoma on Friday said that Mizoram collected Rs 108 crore in GST in April this year against Rs 71 crore collected in the same period the previous year. He attributed the growth in GST collection to massive efforts made by the state finance, planning and taxation department in revenue collection. "The reason behind the growth in GST collection is due to the massive efforts made by the finance, planning and taxation departments. People and business communities in particular are also aware of the importance of giving taxes to augment our revenue," the chief minister said. He claimed that the state's financial condition is moving towards stability due to the austerity measures being implemented by legislators and officials. In the Union Finance Ministry's data, Mizoram collected

Net GST collections rise by 17%

Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth

CBIC chief Sanjay Kumar Agarwal on Thursday said increased monthly GST collections are mainly on account of higher compliance, and the GST Council's decision to tighten return filing and registration process would help reduce fake ITC claims in evasion prone sectors, including iron and steel. Agarwal said the Central Board of Indirect Taxes and Customs (CBIC) has received suggestions regarding streamlining tax rates in evasion-prone sectors and all that is being discussed. The Goods and Services Tax (GST) collection was Rs 1.87 lakh crore in April and in the first four months of the current fiscal, the collections have averaged Rs 1.67 lakh crore. "The buoyancy of revenue is 1.43 of nominal GDP growth meaning thereby revenue collection is not entirely on account of growth in GDP, but a major contribution is made by increased compliance level," the CBIC chief said at the Ficci Cascade event here. Tax buoyancy explains the relationship between changes in government tax revenue growth

According to Jalan, the Central Board of Indirect Taxes and Customs (CBIC) is expected to achieve more, which it has not in April 2023 wherein the growth in GST Collections is exactly 12 per cent

Record GST collection is also a sound indicator of the national capital's economy recovering fast after the devastation caused by the three waves of Covid-19 during the past two years, officials said

CBIC to focus on scrutiny of returns and audit for better compliance during current fiscal; finance ministry official sceptical, says April usually has high collection due to payment of arrears

Here are the top headlines of the day on Monday

The GST revenues during April 2021 are the highest since the introduction of GST, says govt

Despite the second wave of coronavirus pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience, says govt

GST collections in July were 4 per cent lower than June 2020 as well

The July collections, which is 84 per cent of last year's numbers, is however, a recovery from the months of April and May

However, the rate of decline has come down considerably to just 9.02 per cent from 38.17 per cent in May and 71.63 per cent in April

In 2019-20 fiscal, Goods and Services Tax (GST) collection had remained above the key Rs 1 trillion mark for 7 months out of 12

The government aims to collect Rs 10,000 crore more than what was targeted earlier at a time when all months till December in FY20 yielded less than Rs 1.1 trillion, except for April

The collection last month has been the highest since introduction of GST and also reflects 10.05 per cent growth over April 2018, when the collection was Rs 1,03,459 cr