The Goods and Services Tax (GST) revenue collection for the month of April has topped Rs 1 lakh crore, in a first since the implementation of the indirect tax in July last year.
April was also the month for filing of Quarterly Return for Composition Dealers. Out of 19.31 lakh Composition Dealers, 11.47 lakh have filed their Quarterly Return (GSTR 4) which is 59.40% and have paid total tax of Rs.579 crores, which is included in the above figure of Rs.1.03 lakh crore of total GST collection.
“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.
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.
“The total gross GST revenue collected in April 2018 is Rs 103,458 crore of which CGST (Central Goods and Services Tax) is Rs 18,652 crore, SGST (State Goods and Services Tax) is Rs 25,704 crore, IGST (Integrated Goods and Services Tax) is Rs 50,548 crore (including 21,246 crore collected on imports) and Cess is Rs 8,554 crore (including Rs 702 crore collected on imports),” the Ministry said in a statement.
The total revenue earned by the Central Government and the State Governments after settlement in the month of April, 2018 is Rs.32,493 crore for CGST and Rs.40,257 crore for the SGST.
As per the statement, the buoyancy in tax collection under the GST “reflects the upswing in the economy and better compliance”. “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 cannot be taken as trend for the future,” the statement added.