Government collected Rs. 1.03 lakh crore as GST in April
What's the story
The government mopped up Rs. 1.03-lakh-crore as Goods and Services Tax (GST) collection in Apr'18, indicating stabilization of the new indirect tax regime that was rolled out in July'17. "Of total revenue collected in April, CGST is Rs. 18,652cr, SGST is Rs. 25,704cr, IGST is Rs. 50,548cr (Rs. 21,246cr collected on imports) and cess is Rs. 8,554cr (Rs. 702cr on imports)," Finance Ministry said.
Upswing
Buoyancy in GST reflects the upswing in economy
The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance, the Ministry said. 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 a trend for the future, it added.
Revenue collection
GST collection in FY2017-18 stands at Rs. 7.14-lakh-crore
While GST collection in entire 2017-18 was Rs. 7.41-lakh-crore, in March the figure was Rs. 89,264cr. The total revenue earned by the Central government and state governments after settlement in April 2018 is Rs. 32,493cr for Central GST and Rs. 40,257cr for state GST. As far as the total number of GSTR-3B returns for March to April 30 was concerned, nearly 69.5% filed returns.
Income tax filing
60.74 lakh people file returns for March
As many as 60.47 lakh as against 87.12 lakh people, who are eligible to file returns for March, did the needful, Finance Ministry said. Out of 19.31 lakh composition dealers, 11.47 lakh have filed their quarterly return (GSTR 4) and have paid total tax of Rs. 579cr, which is included in Rs. 1.03-lakh-crore of total GST collection, it added.