The monthly Goods and Services Tax (GST) collection reached an all-time high of Rs.
The gross GST tax exceeded Rs 1.5 crore for the first time in April 2022 and Rs 1 crore for the 10th consecutive year.
The gross revenue of GST collected in April 2022 is Rs 167,540 crore, of which Rs 33,159 crore CGST, Rs 41,793 crore SGST, and Rs 41,793 crore IGST applied to import of goods) and the tax is Rs 10,649 crore (including Rs 857 crore collected on import of goods).
The GST gross collection in April marks a continuous month-on-month (MoM) increase as a record Rs 1.42 lakh crore was collected in March. The April GST tax was Rs 25,000 crore higher than the March tax.
Earlier last month, CNBC TV-18, citing Treasury sources, reported that GST collection is expected to hit another all-time high of Rs 1.45-1.50 lakh crore in April.
For FY22 overall, the total GST revenue was Rs 14.83 crore, 30% higher than FY21 Rs 11.37 crore.
The Treasury attributed the increase in GST revenue to the ongoing economic recovery, as well as anti-fraud activities and various rate adjustment measures taken by the GST board to correct tax structures.
While GST collections are at high levels, tax rate adjustment considerations are also said to be underway. The Treasury Department said on April 25 that the group of ministers, set up to deliberate on interest rates in September last year, has yet to deliver its report.