April collections at Rs 1.03L cr, FM expects trend to continue
New Delhi : The government’s Goods and Service Tax (GST) collections crossed Rs 1-trillion mark (Rs 1-lakh crore) for the first time in April since the inception of the new tax regime in July 1, 2017.
Revenue collections through GST increased to Rs 1.03 lakh crore in April from Rs 89,264 crore in March, indicating stabilisation of the new indirect tax regime.
GST collection for the entire 2017-18 stood at Rs 7.41 lakh crore.
Finance Minister Arun Jaitley expressed hope that the positive trend in collection of GST would continue.
“The total gross GST revenue collected in 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 (including Rs 21,246 crore collected on imports) and Cess is Rs 8,554 crore – including Rs 702 crore collected on imports,” Finance Ministry said in a release. The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance, it added.
Jaitley said in a tweet that with the improved economic climate, introduction of e-way bill and improved GST compliance, the indirect collections would continue to show a positive trend.
“GST collections in April exceeding Rs 1 lakh crore is a landmark achievement and a confirmation of increased economic activity as brought out by other reports,” the finance minister said.
He stressed that increased tax collections will help the nation to expand its economic horizons and take it to loftier heights.
However, April collections cannot be taken as a trend for future since taxpayers pay arrears for previous months in the last month of the financial year, the ministry said.
The goods and services tax collections in April include Rs 18,652 crore of Central GST, Rs 25,704 crore of State GST, Rs 50,548 crore of Integrated GST and Rs 8,554 crore of cess, the ministry said.
A total of 60.5 lakh GSTR 3B returns were filed for March in April as against 87.1 lakh registered taxpayers who are eligible to file returns for the month, the ministry said.
GSTR 3B is a monthly return to be filed by registered taxpayers on self-declaration basis by the 20th of the next month.
The total revenue earned by central and state governments after settlement in April was Rs 32,493 crore for Central GST and Rs 40,257 crore for State GST, the ministry said.