For The First Time, GST Monthly Collection For A Month Exceeds Rs 1 Lakh Crore

News World India | 0
| May 1 , 2018 , 14:13 IST

For the first time since the implementation of the Goods and Services Tax (GST) in July 2017, the month of April 2018 witnessed a GST collection of more than Rs 1 lakh crore, the Ministry of Finance announced on Tuesday.

"The total Gross GST revenue collected in the month of April 2018 is Rs 1,03,458 crore of which CGST is Rs 18,652 crore, SGST is Rs 25,704 crore,  IGST is Rs 50,548 crore (including 21,246 crore collected on imports) and Cess is Rs 8,554 crore (including Rs.702 crore collected on imports)," the Ministry said in a release. 

"The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance," the finance ministry said.

"The total revenue earned by the Central Government and the State Governments after settlement in the month of April, 2018 is Rs 32,493 crore for CGST and Rs 40,257 crore for the SGST," the ministry added.

The average monthly collection from August to March after the implementation of GST was in the range of Rs 89,885 crore, with the total revenue collections from between August 2017 and March 2018 standing at Rs 7.19 lakh crore.

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According to Vishal Raheja, DGM for GST at Taxmann, the rollout of the e-Way bill on April 1 influenced the gain in the GST revenue collection. The e-Way bill is an important mechanism which serves to check tax evasion under GST, with transporters of goods worth more than Rs 50,000 being mandated to generate an e-Way bill which would be required to be presented to a GST inspector if required.

"The impact of e-Way bill can be seen from the figures of GST revenue collection. It was highly expected that e-Way bill being the strong pillar of GST would raise the revenue after implementation as the chances of evasion would be reduced to significant extent after its rollout. Since the monthly revenue has exceeded Rs.1 lakh crore for the first time since inception of GST," said Raheja to NDTV.