In a first, GST revenue collection for a month exceeds Rs 1 lakh crore

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The revenue collection from Goods and Services Tax (GST) exceeded Rs 1 lakh crore in April 2018, the Ministry of Finance said on Tuesday. This is the first occasion that the monthly revenue has breached the Rs 1 trillion milestone.

News agency ANI reported that the gross GST revenue collected in April 2018 came at Rs 1,03,458 crore of which Central GST (CGST) is Rs 18,652 crore and State GST (SGST) is Rs 25,704 crore. The Integrated GST (IGST) came at Rs 50,548 crore while cess accounted for Rs 8,554 crore. Finance minister Arun Jaitley congratulated various stakeholders + hailing the record GST collection as “a landmark achievement and a confirmation of increased economic activity”. I would like to congratulate all taxpayers, Hon’ble Members of the GST Council, State and Central Government tax administration for this achievement,” he tweeted.

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.

April was also the month for filing of quarterly return for composition dealers.Out of 19.31 lakh composition dealers,11.47 lakh filed their quarterly return(GSTR 4) , a 59.40 per cent compliance and paid Rs 579 crores as GST.

The spike in GST revenue may also be linked to the roll out of e-way bills which was toted as a major anti-evasion measure.

E-Way Bill is the short form of Electronic Way Bill. It is a unique document/bill, which is electronically generated for the specific consignment/movement of goods from one place to another, either inter-state or intra-state and of value more than Rs 50,000, required under the current GST regime.

“With the improved economic climate, introduction of e-way bill and improved GST compliance, GST collections would continue to show a positive trend,” Jaitley said in another tweet adding that increased tax collections will help the nation to expand its economic horizons and take it to loftier heights.

E-way bill for inter-state movement was rolled out from April 1, while that for inter-state movements have been started in a staggered manner from April 15. The GST Council is next slated to meet on May 4.