Revenues towards the month of October 2021 are 24% on rising with respect to the GST revenues in the corresponding month last year and 36% over 2019-20
The gross GST revenue obtained in Oct 2021 is Rs 1,30,127 cr where CGST is Rs 23,861 crores, SGST is Rs 30,421 crores, IGST is Rs 67,361 crore (consisting Rs 32,998 crores collected on import of goods) and Cess is Rs 8,484 crores (consisting Rs 699 crores obtained upon import of goods.
The government has resolved Rs 27,310 crores to CGST and Rs 22,394 crores to SGST via IGST as a regular settlement. The cumulative revenue of the Centre and the States post to the normal settlements towards the month of October 2021 is Rs 51171 crore for CGST and SGST Rs 52,815 crores.
GST revenue towards Oct poses the 2nd highest ever since the start of the GST the second only to that in April 2021, concerned to completion of the year revenues. It is the most trending economic recovery. It is indeed found inside the e-way bills produced every month as the 2nd wave has started. The revenue will still rise if the car sales along with the additional products do not get influenced towards the disruption in the supply of semiconductors.
Chart 1 reveals the higher trend in the number of e-way bills made in the month and the amount of taxable value apparently showing the improvement in economic activity.
The revenue has provided support because of the efforts of the State and Central tax authority that gives an outcome for increasing the compliance over early months. Moreover towards the action with respect to the specific tax theft people, it results in the multipronged strategy carrying on the GST Council.
There are several functions that have opted to simplify compliance like nil filing through SMS, enabling Quarterly Return Monthly Payment (QRMP) system, and auto-population of return. During the past 1 year, the system capacity of the GSTN has increased the considering to that rectifying the user experience.
The authority discourages non-compliant behaviour, such as obstructing of e-way bills for non-filing of returns, system-based suspension of registration of taxpayers who missed to file six returns with constancy and blocking of credit for return defaulters. A number of returns (GSTR-3B) of every month/quarter towards the finish of the subsequent month are the effective parameter showing the timely return payments and furnishing of the returns.
Post to the end date of furnishing of the returns another effort is to be opted to ensure that the compliance through the finish of the month via message through GSTN and narrowing following the Centre and State tax administration.
Chart 2 reveals that the higher trend in GST return filing per cent furnished till the finish of the subsequent month shows that the timely tax payment is rising since the time due to scheme procedure and efforts of the authority.
Aided through the fact that on the distinct event the authority has decided to discount late fee permitting the individual to furnish the former returns and arrive on the date of furnishing of the returns. For more information, you can watch out the pdf.
