Monday, 24 September, 2018

Rs 1-L cr GST collection in April a record

April GST exceeds Rs 1 lakh crore Arun Jaitley calls it a landmark achievement Rs 1-L cr GST collection in April a record
Steve Townsend | 03 May, 2018, 10:15

As many as 69.5 per cent of assessees filed summary input-output returns in April, against 64.61 per cent in the previous month. "Therefore, this month's revenue can not be taken as a trend for the future", the finance ministry said in a press release.

There is no denying the fact that GST collection of Rs 1 lakh crore mark is creditworthy and reflects the acceptance of the tax by the broader economy.

In a first, GST revenues for the month of March collected in April surpassed Rs1 trillion.

"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", tweeted finance minister Arun Jaitley.

Jaitley said increased tax collections will help the nation to "expand its economic horizons" and "take it to loftier heights".

Since the tax on domestic supplies in a month comes in through returns and gets collected in the next month, therefore, GST on domestic supplies was collected only in eight months from July-February and the March collections are being accounted for April of this fiscal.

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The rise in GST revenue could also be linked to the rollout of e-way bills, according to experts.

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.

"The impact of e-Way bill can be seen from the figures of GST revenue collection". The department further noted that the Central and State Governments earned a total revenue of Rs. 32,493 crore for CGST and Rs. 40,257 crore for the SGST respectively, after settlement in the month of April.

Sandeep Chilana, Partner, Shardul Amarchand Mangaldas, said: "GST collections for the month of March 2018 shows buoyance and increasing acceptance for compliances under GST laws".

Touted as anti-evasion measure, the e-way bill is required to be generated for moving goods worth over Rs 50,000 from one state to another.

Other such measures like reverse charge, TDS and TCS provisions and invoice matching, which are now kept in abeyance, will help raise GST collections once they are implemented.

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