GST collections exceed Rs 1 lakh crore in April for the first time

GST collections exceed Rs 1 lakh crore in April for the first time

Taxpayers usually pay arrears of previous months with their March taxes and that could explain the increase, the government said.

 

The monthly collection of Goods and Services Tax crossed Rs 1 lakh crore for the first time in April, the Finance Ministry said on Tuesday. The government earned Rs 1.03 lakh crore in its GST collection during the month.

The increase in GST revenue “reflects the upswing in the economy and better compliance”, the government said in a release. However, it acknowledged that this could not be interpreted as a “trend for the future” as taxpayers usually pay arrears of previous months also during March.

Finance Minister Arun Jaitley called it a “landmark achievement” and “a confirmation of increased economic activity”.

Collections for the financial year 2017-’18 stood at Rs 7.41 lakh crore. In March, the figure was Rs 89,264 crore.

The total revenue earned by the central and state governments, after settlement in April, is Rs 32,493 crore for Central GST and Rs 40,257 crore for State GST, the government said.

Source: https://scroll.in/latest/877522/goods-and-services-tax-collections-hit-rs-1-lakh-crore-mark-in-april-for-the-first-time

 

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