GST collection tops Rs 1 lakh cr in April 

The Centre’s Goods and Services Tax (GST) collection exceeded Rs 1 lakh crore in April, the first time since the new indirect tax system was introduced in July last year.

The total Gross GST revenue collection for April 2018 is Rs 1,03,458 crore of which CGST is Rs 18,652 crore, SGST is Rs 25,704 crore, IGST is Rs 50,548 crore and Cess is Rs 8,554 crore. 

The total number of returns filed for the month of March up to April 30 is 60.47 lakh as against 87.12 lakh who are eligible to file the return, a compliance of 69.5%.  

April was also the month for the filing of quarterly return for composition dealers. Out of 19.31 lakh composition dealers, 11.47 lakh have filed their quarterly return (GSTR 4), which is 59.4%, and have paid a total tax of Rs 579 crore - included in the total GST collection. 

“The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance. However, it is usually noticed that in the last month of the financial year, people also try to pay arrears of some of the previous months also and, therefore, this month’s revenue cannot be taken as a trend for the future,” the finance ministry said in a statement.

The total revenue earned by the Centre and the states after settlement in the month of April is Rs 32,493 crore for CGST and Rs 40,257 crore for the SGST.

Comments (+)