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India's economy is improving.

India's Economy

Despite the second wave of the COVID-19 pandemic affecting various parts of the world, Indian businesses have once again demonstrated remarkable resiliency by not only complying with return filing requirements but also paying their GST dues on time during the month.

GST collections hit a new high in April, showing that the economy is continuing to improve.

The revenue for the month of April 2021 is higher than the revenue for the month of March 2021.Domestic transaction revenues including service imports increased by 21% this month compared to the previous month.

According to the government's public statement, gross GST revenue reached a new high of Rs 1,41,384 crore in April 2021, with CGST at Rs 27,837 crore, SGST at Rs 35,621, and IGST at Rs 68,481 crore. The month of April 2021 saw a 14 percent increase in sales.

GST earnings have not only consistently surpassed Rs 1 lakh crore in the last seven months, but have also increased gradually. There are also strong signs of a long-term economic expansion during this phase.

Deeper tracking of fictitious billing, deep data analytics based on data from multiple sources of sources, including GST, income-tax, and customs IT systems, and better accounting procedures have all contributed to the steady rise in revenue.

The introduction of the quarterly return and monthly payment schedule would help small taxpayers because they will only have to file one return every three months. The method of filing returns has also been simplified by providing taxpayers with IT assistance in the form of pre-filled GSTR 2A and 3B returns and improved System capacity.

According to the survey, household demand for work under the MGNREGA increased by 92% to 2.57 crore households in April 2021, the highest in any April since 2013, up from 1.34 crore in April 2020. This refers to the amount of jobs returning to their home countries.

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