GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
The Goods and Services Tax (GST) collection saw a major rise in April 2019, earning Rs 1,13,865 crore and recording highest ever monthly revenue mop-up since the new indirect tax system was rolled out on July 1, 2017. The April GST collection rose 10.05 per cent since April 2018.
“The total gross GST revenue in the month of April 2019 is Rs 1,13,865 crore of which CGST is Rs 21,163 crore, SGST is Rs 28,801 crore, IGST is Rs 54,733 crore (including Rs 23,289 crore collected on imports) and cess is Rs 9,168 crore (including Rs 1,053 crore collected on imports),” a Finance Ministry statement said.
The total number of GSTR-3B returns filed for the month of March up to April 30, 2019 is 72.13 lakh. The GSTR-3B Form records the summary of outward supplies, input tax credit (ITC) claimed and net tax payable.
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The revenue in April 2018 was Rs 1,03,459 crore and the revenue during April 2019 recorded a growth of 10.05 per cent over the revenue in the same month last year.
The revenue in April 2019 is 16.05 per cent higher than the monthly average of GST revenue in FY 2018-19 (Rs 98,114 crore).
“It is finally showing the right trend. April figures have always been the highest in a particular year. In the coming months also it should pick up,” said Bipin Sapra, tax partner at consultancy firm EY.
The higher indirect tax collection would give comfort to the Centre as it will ease its burden of compensation to states.
The monthly average of GST revenue during 2018-19 was Rs 98,114 crore, up 9.2 per cent compared to monthly average in financial year 2017-18. These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalization measures.
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