Rs 1-L cr GST collection in April a record

Rs 1-L cr GST collection in April a record

Rs 1-L cr GST collection in April a record

Giving a break-up of the Rs 1.03 lakh crore GST revenue mop up in April, the government said the collections from Central GST (CGST) and State GST (SGST) were Rs 18,652 crore and Rs 25,704 crore, respectively.

The April GST collection is a "landmark achievement" and a confirmation of increased economic activity, tweeted Finance Minister Arun Jaitley.

According to the Ministry of Finance, the average monthly collection under the GST regime for the last eight months - August 2017-March 2018 - was Rs 89,885 crore.

There is no denying the fact that GST collection of Rs 1 lakh crore mark is creditworthy and reflects the acceptance of the tax by the broader economy.

"However, it is usually noticed that in the last month of the financial year, people also try to pay arrears of some previous months and, therefore, this month's revenue can not be taken as trend for the future", the statement added. Since composition dealers also paid quarterly taxes this time, the level of compliance and tax buoyancy improved, but tax adjustments during the fiscal year-end too contributed to pushing overall collections higher.

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The compliance rate for GST returns remained low at 69.

Finance minister Arun Jaitley tweeted, "With the improved economic climate, the introduction of the e-way bill and improved GST compliance, GST collections would continue to show positive trend". So, this month's collections can not be taken as a trend for future, it further said.

As many as 60.47 lakh as against 87.12 lakh, who are eligible to file returns for March, did the needful, it said.

GST collections had hit a peak of Rs 95,132 crore for September. 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. "The pan-India rollout of the e-way bill should help to boost collections in the coming months".

Touted as anti-evasion measure, the e-way bill is required to be generated for moving goods worth over Rs 50,000 from one state to another. "All eyes to the upcoming GST council meeting on 4 May wherein the new return mechanism is expected to be announced".

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