(Image source from: hindustantimes.com)

The Goods and Service Tax (GST) collection reached an all-time high in the month of April by touching Rs 1.68 lakh crores. This indicates a strong economic activity despite multiple hurdles. April 2022 GST is 20 percent higher than the GST collected last year. The number is Rs 25,000 crores higher than the previous month which was Rs 1.42 lakh crores. The total e-waybills in March 2022 was 7.7 crores and 6.8 crore was the collection in February 2022. This means that the businesses are recovering at a faster note. The Union Finance Ministry issued an official statement on Sunday informing about the market recovery in the country.

There is a jump in the returns filed to 'Strict Enforcement action taken against the errant taxpayers that are identified based on the Artificial Intelligence and Data Analytics'. 10.6 million GST returns were filed when compared with the 9.2 million early this year. The average monthly collection will be higher than 1.40 lakh crore for the first quarter of 2022 predicted the Indian government. ICRA chief economist Aditi Nayar told that the inflows are enthusing. He said that this is also an evidence of a healthy pace of economic activity in March this year. On April 20th, the GST collected was Rs 57,847 crores and this is the single-day highest with 9,58,000 transactions.

For the month of March, the average GST collection was Rs 1.38 lakh crores. Hardeep Singh Puri, minister of petroleum and natural gas said that this is a clear proof that the economy is firing.

By Siva Kumar