Do You Know GST monthly revenue touches Rs 1 lakh crore for the first time?-Money Mindz

By | 03/05/2018
Do You Know GST monthly revenue touches Rs 1 lakh crore for the first time?-Money Mindz

MoneyMindz – India’s First Free Online/On-call Financial Advisory Portal –Do You Know GST monthly revenue touches Rs 1 lakh crore for the first time?-Money Mindz

Yes, you heard me right. The government announced that the GST revenue for the first month of April has crossed Rs 1 lakh crore-first since GST was rolled out in July last year. The Ministry of Finance mentioned that the total gross GST revenue collected in April is Rs 1,03,458 crore.

Out of CGST (Central GST) amounted to Rs 18,652 crore, while SGST (State GST) amounted to Rs25, 704 crores. IGST (Integrated GST) stood at Rs 50,548 crore, including Rs21, 246 crores that were collected on imports and cess at Rs8,554 crore, including Rs 702 crore collected on imports.

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The finance ministry announced that the central and state governments earned a total revenue of Rs 32,493 crore in CGST and Rs 40,257 in SGST, after settlement in April as mentioned in ANI.

Also, the ministry noted that out of 87.12 lakh, 60.47 lakh GSTR 3B returns were filed for March till April 30 which makes 69.5% of the eligible proportion. 11.47 out of 19.31 lakh composition dealers filed their quarterly return (GSTR 4), amounting to 59.40%). In total Rs, 579 crores in taxes were paid that is included in the aforementioned GST revenue figure.

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The ministry said, “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 reason behind the sudden spike in GST revenues can be the introduction of an e-way bill. E-way bill which is generated for consignments moving interstate was rolled out in April. On April 1, the inter – state-e-way bill was introduced, while the intra-state one was pushed to April 15.

On May 4, the GST Council is scheduled to meet.

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One thought on “Do You Know GST monthly revenue touches Rs 1 lakh crore for the first time?-Money Mindz

  1. Pingback: 3 Next Level Issues To Address As We Reach The 2nd Year Of GST

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