GST revenue collection states 10.05% hike; Shall we expect Rs 1 lakh crore Centre’s reciept way ahead..?

Many considered it to be complicated, many bashed the move then..! Inception of GST was a total chaos then and yet many others openly claim it to be a ‘Modi Govt-led-mistake’. With the end of FY 2018-19, the total GST revenue collection for the first month of the novel financial year has rolled out to be the highest ever, being Rs 113865 crores.

This is 10.05% higher than the collections for the same month last year and 16% higher than the monthly average of revenue in FY 2018-19. The CGST of total counts Rs 21,163 crore while SGST measures Rs 28,801 crore. “The total number of GSTR 3B summary returns filed for the month of March up to April end is 72.13 lakh”, the statement meanwhile informed.

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The government has settled Rs 20,370 crore to CGST and Rs 15,975 crore to SGST from IGST as regular settlement. Further, Rs 12,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre and States. The total revenue earned by Central Government and the State Governments after regular and provisional settlement in the said month is Rs 47,533 crore for CGST and Rs 50,776 crore for the SGST.

The fact that the collections in April 2019 are over 10% higher than April 18 is encouraging and indicates that tax base is increasing gradually and GST collections getting stabilized with measures such as E-way bills and effective data mining.

COURTESY:- NEWS BHARATI

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