- November 3, 2021
- Posted by: admin
- Category: Daily News
- Gross goods and services tax (GST) collections came in at INR1.3tr in Oct 21 (Sep 21 sales), the second highest mop-up in the history of the comprehensive indirect tax.
- This, coupled with a sustained trend of rise in the number of e-way bills (inter-state trade) and GST returns for several weeks through Oct 21, bears testimony to a rise in consumption and a marked increase in tax compliance, though partly at the cost of the businesses in the informal sector, a section of which has perished.
- The revenues for Oct 21 are 24% higher than those in the same month in FY21 and 36% over the level in the corresponding month in FY20.
- The highest monthly GST collections was recorded in Apr 21, at INR1.4tr, but that was aided by the year-end pattern of tax settlement by the businesses.
- An important feature of GST receipts that gives further credence to the notion of it reflecting economic recovery is that during Oct 21, revenues from import of goods was 39% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year.
- The Council has also taken various steps to discourage non-compliant behaviour, like blocking of e-way bills for non-filing of returns, system-based suspension of registration of taxpayers who have failed to file six returns in a row and blocking of credit for return defaulters