GST revenue collected for April exceeds Rs one lakh crore

The Centre on Tuesday stated that the revenue collected towards Goods and Services Tax for the month of April 2018.

Published: 01st May 2018 01:07 PM  |   Last Updated: 02nd May 2018 04:52 AM   |  A+A-

For representational purposes

By Express News Service

NEW DELHI: The new financial year opened on a positive note for the economy as Goods and Services Tax (GST) collections exceeded Rs 1 lakh crore in April. However, the government clarified that the April collection could not be taken as a trend for future months.

Gross GST revenue collected in the month of April stood at Rs 1.03 lakh crore, according to official data released by the Ministry of Finance on Tuesday.

Central GST stood at Rs 18,652 crore, State GST was Rs 25,704 crore, Integrated GST was Rs 50,548 crore (including Rs 21,246 crore collected on imports) and cess was at Rs 8,554 crore — including Rs 702 crore collected on imports.

“The buoyancy in GST revenue reflects an upswing in the economy and better compliance,” the statement said.

Finance Minister Arun Jaitley on Tuesday said it was a landmark achievement and a confirmation of increased economic activity.

“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,” Jaitley tweeted. He stressed that increased tax collections would help the nation to expand its economic horizons and take it to loftier heights.
However, the finance ministry underlined that it should not be taken as a future trend.

“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 and, therefore, this month’s revenue cannot be taken as a trend for the future,” the ministry said.

The GST collection in 2017-18 stood at Rs 7.41 lakh crore, and the average monthly collection under the GST regime for the last eight months—August 2017-March 2018—was Rs 89,885 crore.

AS far as GSTR 3B returns for the period between March and April 30 are concerned, 60.47 lakh (69.5 per cent) eligible taxpayers had filed returns.

April was also the month for filing of quarterly returns for composition dealers. Out of 19.31 lakh composition dealers, 11.47 lakh filed their quarterly return (GSTR 4) and paid a total tax of Rs 579 crore, which is included in the Rs 1.03 lakh crore of total GST collection.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

facebook twitter whatsapp