New Delhi : The Goods and Service Tax (GST) collections rose to Rs 96,483 crore in July, from Rs 95,610 crore in the previous month, on improved compliance post implementation of the e-way bill.
As many as 66 lakh businesses filed returns last month, making it the highest number of monthly GSTR-3B filed since the rollout of Goods and Services Tax (GST) in July last year. “The total gross GST revenue collected in July 2018 is Rs 96,483 crore… This is broadly on expected lines,” a Finance Ministry statement said.
In the current fiscal, the month-wise revenue mopped up from GST stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May and Rs 95,610 crore in June. As many as 60.47 lakh returns were filed in April, 62.47 lakh in May, 64.69 lakh in June.
“GST revenue collections are improving after implementation of e-way bill which is a major tool under GST to curb tax evasion.
“However the government is still short of average monthly target of revenue fixed in Budget of 2018-19,” Taxmann DGM Vishal Raheja said.
Electronic-way, or e-way, bill system is touted as an anti-evasion measure. As per the GST provisions, transporters or businesses have to generate an e-way bill for moving goods worth Rs 50,000 crore or more both within and outside the state.
Tweaked GST laws get nod
New Delhi: The Cabinet on Wednesday approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore, among other things.
The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing monsoon session of Parliament.