Wednesday, 2 May 2018

GST revenue collection in the month of April 2018 exceeds Rs1lakh crore

The total Gross GST revenue collected in the month of April 2018 is Rs1,03,458cr of which CGST is Rs18,652cr, SGST is Rs25,704cr, IGST is Rs50,548cr (including Rs21,246cr collected on imports) and Cess is Rs8554cr (including Rs702cr collected on imports).

The total number of GSTR 3B Returns filed for the month of March up to April 30, 2018, is 60.47 lakh as against 87.12 lakh who are eligible to file the Return for the month of March, which is 69.5%.

April was also the month for the 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 Rs579cr, which is included in the above figure of Rs1.03lakh crore of total GST collection.

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 also and, therefore, this month’s revenue cannot be taken as trend for the future.

The total revenue earned by the Central Government and the State Governments after settlement in the month of April 2018 is Rs32,493cr for CGST and Rs40,257cr for the SGST.

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