First time ever, GST revenue collection in a month crosses 1 lakh cr-mark
The BJP-led Narendra Modi government mopped up Rs 1.03 lakh crore as Goods and Services Tax (GST) collection in April, which, it said, indicated stabilisation of the new indirect tax regime that was rolled out on July 1 last year. While GST collection in entire 2017-18 stood at Rs 7.41 lakh crore, in March the figure was Rs 89,264 crore.
“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,” the Finance Ministry said in a statement issued today . The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance, it said.
Meanwhile, Union Finance Minister Arun Jaitley expressed jubilation at the development and said it was a landmark achievement and a confirmation of increased economic activity. “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,” Jaitley said in a tweet. In another tweet, he said that with the improved economic climate, the 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
— Arun Jaitley (@arunjaitley) May 1, 2018
The finance ministry also informed that the total revenue earned by the central and state governments, after settlement in April, is Rs 32,493 crore for Central GST and Rs 40,257 crore for State GST. 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 also and, therefore, April 2018 revenue cannot be taken as the trend for the future, it added.