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GST Revenue collection exceeds Rs 1 Lakh crore for the first time in April

The Ministry of Finance (MoF) on Tuesday said the total Goods and Service (GST) Revenue collection exceeds Rs 1 Lakh crore for the first time in the last month of April.

According to the Ministry of Finance, the total gross revenue collected in the last month stood as Rs 1,03,458 crore which includes Central GST (CGST) collection of Rs 18,652 crore, State GST (SGST) at Rs 25,704, Integrated GST (IGST) at Rs 50,548 crore and cess of Rs 8554 crore.

Adding further, the ministry said there is hike of 69.5% of GSTR 3B returns as the total GSTR 3B returns is of 60.47 Lakh in the month of March and in the month of the April, it is about 87.12 Lakh. According to the experts, GST Revenue hike can be easily being linked to the e-way bills.

Tax Partner of EY, Abhishek Jain said that, “The GST revenue collections in April have shown a phenomenal buoyancy as compared to the collections in previous months, which is very encouraging”.

He further added, “With anti-evasion measures like e-way bill already introduced and others like TDS, TCS and credit matching which may get introduced in the coming months, the Government could be hopeful of very good GST collections in the current fiscal year i.e 2018-19”.

The experts were sure from the GST Revenue collection that GST is moving in the right direction. On May 4, council meeting for more assesses and more simplification will be held, and it is expected to increase revenue further in the FY 2018-19.

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