The ever-increasing inflation is increasing the troubles of the common people, on the other hand, it is filling the government's treasury. Besides easing tax compliance, inflation is one of the reasons why the government earned a record Rs 1,67,540 crore from GST in April.
According to the data, in the month when inflation is high, the GST collection also increases in that month. In March 2022, when the GST collection was a record 1.42 lakh crore, the wholesale inflation reached 14.55% per month. Retail inflation also touched a 17-month high of 6.95 percent.
The month in which inflation is high, GST collection is also high
Wholesale inflation stood at 14.55% in March
Retail inflation had reached a 17-month high
Highest recovery in top-10 states
state April hike
Maharashtra 27,495 25 percent
Karnataka 11,820 19 percent
Gujarat 11,264 17 percent
Tamil Nadu 9,724 10 percent
Uttar Pradesh 8,534 16 percent
Haryana 8,197 23 percent
Delhi 5,871 16 per cent
Telangana 4,955 16 percent
Odisha 4,910 28 percent
(figures in crores of rupees)
10,649 crore raised from cess
The share of Central GST (CGST) in the total GST collection for April stood at Rs 33,159 crore. State GST (SGST) contributed Rs 41,793 crore and Integrated GST (IGST) contributed Rs 81,939 crore. 36,705 crore in IGST was raised from imports of goods. Of this, the share of cess stood at Rs 10,649 crore.
1.06 crore returns filed
In April, 1.06 crore GST returns were filed in GSTR-3B. Of these, 97 lakh returns are for March 2022. In April 2022, 84.7 percent of the registered companies or entities filed GSTR-3B. In the same month a year ago, this figure was 78.3 percent.
High prices hit on the sale of petrol and diesel
The growth in sales of petrol and diesel in the country in April 2022 was moderate every month. The consumption of domestic cooking gas LPG has also come down. Demand has been hit with fuel prices hitting record-high levels. According to preliminary data from the petroleum industry, state-owned petroleum companies sold 2.58 million tonnes of petrol in April, a growth of just 2.1 percent over March this year. Diesel sales stood at 66.9 lakh tonnes, which is 0.3% higher than in March. LPG consumption declined by 9.1% to 22 lakh tonnes as compared to March.
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