GST monthly revenue touches ₹1 lakh crore for the first time

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GST-Goods-&-Service-Taxes

The government has disclosed that the GST in the month of April has overpassed Rs.1 Lakh crore for the first time since it was piled out in July, last year. The Finance Ministry revealed that the total Gross revenue that was stockpiled in the month of April has amounted to Rs 1,03,458 crore.

Out of the total grossed value, The Central GST (CGST) added up to  Rs 18,652 crore, State GST (SGST) added up to Rs 25,704 crore, Integrated GST(IGST)piled at Rs 50,548 crore, comprising that of the imports to Rs 21,246 crore and cess added up to Rs 8,554 crore, inclusive of the compilation on imports which amounted to Rs 702 crore.

According to the ANI, the Finance Ministry has acclaimed that the central and the state government has acquired a total revenue of  Rs 32,493 crore in Central GST and Rs 40,257 in State GST, following the April’s resolution.

Also Read: Goods and Service Tax (GST) in other countries

The Ministry has also rolled out that out of 87.12 lakh, the GSTR 3B returns were filed for March till April 30 of 60.47 lakh. That contributes to almost  69.5% of the qualified fraction. The ministry also revealed that out of 19.31 lakh concorded business owners, almost  11.47 lakh have registered their once-a-quarter return i.e GSTR 4, that gobs almost up to 59.40%.The already pioneered GST revenue digits i.e Rs 579 crore have been paid in the taxes.

The ministry also quoted, “The buoyancy in the tax revenue of 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 of the previous months. Therefore, this month’s revenue cannot be taken as a trend for the future.”

The introduction of the E-way bill for the inter or the intra-state assignment drifting in April has been claimed as the primary reason for the hike in the GST  monthly revenue, in the month of April. The inter-state e-way bill was released on April 1 while the intra-state e-way bill was pulled out on April 15. The GST ministry is anticipated to assemble on 4th May 2018.

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