GST Revenue collection Crosses One Lakh Crore Mark

GST Revenue collection Crosses One Lakh Crore Mark

New Delhi: The revenue collection from GST (Goods and Services Tax) exceeded Rs. 1 lakh crore in April. Finance Ministry said on Tuesday that this is for the first time that the total gross GST revenue collections has exceeded Rs. 1 trillion mark.

As per the information given by the Ministry of Finance, the total gross GST revenue collected in the month of April is Rs. 1,03,458 crore. Out of this Rs. 18,652 crore is CGST, Rs. 25,704 crore is SGST, Rs. 50,548 crore is IGST which includes Rs. 21,246 crore of collection from imports and Rs. 8,554 crore Cess where Rs. 702 crore has been collected on imports.

Arun Jaitley, Minister of Finance congratulated various stakeholders and said that it is a landmark achievement and a confirmation of increased economic activity through his tweet. He said in his tweet, “I would like to congratulate all Taxpayers, Hon’ble Members of the GST Council, State and Central Government tax administration for this achievement.”

The finance ministry echoed Jaitley’s sentiments, “The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance”. Out of 87.12 lakh taxpayers, 60.47 lakh filed GSTR-3B, resulting in 69.5 per cent compliance,” it tweeted via its official handle.

In the statement released April was also the month for 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 59.40% and have paid total tax of Rs.579 crores, which is included in the above figure of Rs.1.03 lakh crore of total GST collection.

The total revenue earned by the Central Government and the State Governments after settlement in the month of April, 2018 is Rs.32,493 crore for CGST and Rs.40,257 crore for the SGST.

Finance Minister also said in his tweet that with the improved economic climate, introduction of e-way bill and improved GST compliance, GST collections would continue to show a positive trend.

The next GST Council meet is schedule for May 4.