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    GST revenue collection for April 2018 exceeds Rs 1 lakh crore, higher than expected

    economy | IST

    GST revenue collection for April 2018 exceeds Rs 1 lakh crore, higher than expected

    The total gross revenue collection of Goods and Services Tax(GST) in April is Rs 1,03,458 crore, said a statement by ministry of finance.
    Out of Rs 1,03, 458 crore total GST, Rs 18,652 crore was Central Goods and Services Tax(CGST) and Rs 25,704 crore was State Goods and Services Tax (SGST). Whereas, Integrated Goods and Services Tax(IGST) stood at Rs 50, 548 crore and Cess was Rs 8554 crore.
    As CNBC-TV18 first reported, GST collection for March stood at Rs 96,000 crore as of April 23 and the government sources had said that centre expected to collect around Rs 1 lakh crore of GST revenue during March.
    The finance ministry, in the statement said that "the buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance."
    However, the ministry also noted that people attempt to clear their previous arrears in the last month of the financial year due to which this month's numbers could not be considered to determine the trend.
    "April was also the month for filing of quarterly return for composition dealers. Out of 19.31 lakh composition dealers, 11.47 lakh filed their quarterly return(GSTR 4), a 59.40 per cent compliance and paid Rs 579 crores as GST," the ministry stated.
     
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