GST revenue collected for April exceeds Rs 1 lakh crore
The Centre on Tuesday stated that the revenue collected towards Goods and Services Tax (GST) for the month of April 2018, surpassed the Rs 1 lakh crore mark.
As per the Ministry of Finance, the total gross GST revenue collected in the month of April stood at Rs.1,03,458 crore, consisting of Central GST (CGST) worth Rs.18,652 crore, State GST (SGST) of Rs.25,704 crore, Integrated GST (IGST) of Rs. 50,548 crore (including 21,246 crores collected on imports) and cess of Rs.8554 crore (including Rs.702 crore collected on imports).
Furthermore, the ministry noted that a total of 60.47 lakh GSTR 3B returns were filed for the month of March, as on April 30, as against 87.12 lakh, who are eligible to file returns for March, thus accounting for 69.5 per cent of the eligible proportion.
Meanwhile, out of 19.31 lakh composition dealers, the ministry said 11.47 lakh filed their quarterly return (GSTR 4) (59.40 per cent) and paid a total tax of Rs.579 crores, which is included in the aforementioned figure of total GST collected.
"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.Therefore, this month`s revenue cannot be taken as a trend for the future" the ministry clarified.
The department further noted that the Central and State Governments earned a total revenue of Rs. 32,493 crore for CGST and Rs. 40,257 crore for the SGST respectively, after settlement in the month of April.
Last week, the Finance Ministry said Rs 7.19 lakh crore was mobilised from the GST during the period of August 2017 to March 2018.
This includes Rs 1.19 lakh crore of CGST, Rs 1.72 lakh crore of SGST, Rs 3.66 lakh crore of IGST, including Rs 1.73 lakh crore on exports, and Rs 62,021 crore of cess, including Rs 5702 crore on imports.