NEW DELHI: The revenue assortment from Goods and Services Tax (GST) exceeded Rs 1 lakh crore in April 2018, the Ministry of Finance mentioned on Tuesday. This is the primary occasion that the per thirty days revenue has breached the Rs 1 trillion milestone.
News agency ANI reported that the gross GST revenue amassed in April 2018 came at Rs 1,03,458 crore of which Central GST (CGST) is Rs 18,652 crore and State GST (SGST) is Rs 25,704 crore. The Integrated GST (IGST) came at Rs 50,548 crore whilst cess accounted for Rs 8,554 crore.
In a tweet, the finance ministry mentioned, "The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance". Out of 87.12 lakh taxpayers, 60.47 lakh filed GSTR-3B, resulting in 69.5 per cent compliance, the finance ministry mentioned.
April was also the month for submitting of quarterly go back for composition dealers.Out of 19.31 lakh composition dealers,11.47 lakh filed their quarterly go back(GSTR 4) , a 59.40 per cent compliance and paid Rs 579 crores as GST.
The spike in GST revenue will also be linked to the roll out of e-way expenses which was toted as a major anti-evasion measure.
E-Way Bill is the fast form of Electronic Way Bill. It is a unique file/invoice, which is electronically generated for the particular consignment/motion of products from one position to any other, either inter-state or intra-state and of value greater than Rs 50,000, required beneath the current GST regime.
E-way invoice for inter-state motion was rolled out from April 1, whilst that for inter-state movements were began in a staggered means from April 15.
The GST Council is subsequent slated to meet on May 4.
GST Revenue assortment for April 2018 exceeds Rs.1 lakh crore.
— Ministry of Finance (@FinMinIndia) 1525153317000News agency ANI reported that the gross GST revenue amassed in April 2018 came at Rs 1,03,458 crore of which Central GST (CGST) is Rs 18,652 crore and State GST (SGST) is Rs 25,704 crore. The Integrated GST (IGST) came at Rs 50,548 crore whilst cess accounted for Rs 8,554 crore.
In a tweet, the finance ministry mentioned, "The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance". Out of 87.12 lakh taxpayers, 60.47 lakh filed GSTR-3B, resulting in 69.5 per cent compliance, the finance ministry mentioned.
April was also the month for submitting of quarterly go back for composition dealers.Out of 19.31 lakh composition dealers,11.47 lakh filed their quarterly go back(GSTR 4) , a 59.40 per cent compliance and paid Rs 579 crores as GST.
The spike in GST revenue will also be linked to the roll out of e-way expenses which was toted as a major anti-evasion measure.
E-Way Bill is the fast form of Electronic Way Bill. It is a unique file/invoice, which is electronically generated for the particular consignment/motion of products from one position to any other, either inter-state or intra-state and of value greater than Rs 50,000, required beneath the current GST regime.
E-way invoice for inter-state motion was rolled out from April 1, whilst that for inter-state movements were began in a staggered means from April 15.
The GST Council is subsequent slated to meet on May 4.
In a first, GST revenue collection for a month exceeds Rs 1 lakh crore
![In a first, GST revenue collection for a month exceeds Rs 1 lakh crore]()
Reviewed by Kailash
on
May 01, 2018
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