Home Economy and Finance GST collection registers a record high of Rs 1.13 lakh crores in April 2019

GST collection registers a record high of Rs 1.13 lakh crores in April 2019

The Goods and Services Tax (GST) revenue collected in the last month is 16.05 percent higher than the monthly average of Rs 98,114 crore GST revenue in 2018-19.

The GST collection has touched an all-time high of Rs 1.13 lakh crores in the month of April for the financial year 2019-2020. As per the report released by the finance ministry, the total gross GST revenue collected in April 2019 is Rs 1,13,865 crore of which Central GST is Rs 21,163 crore, State GST (SGST) is Rs 28,801 crore, Integrated GST is Rs 54,733 crore and cess is Rs 9,168 crore.

The collection for the month of April 2019 has been highest since the rollout of GST and it also reflects 10.05 percent YoY growth over April 2018, when the collection was Rs 1,03,459 crore. The total number of summary sales returns GSTR-3B filed for the month of March up to April 30 stands at 72.13 lakh.

Rs 20,370 crore has been settled to CGST and Rs 15,975 crore to SGST from IGST as a regular settlement by the government.  In addition, Rs 12,000 crore has been settled from the balance IGST available with the Centre on a provisional basis in the ratio of 50:50 between Centre and States.

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“The total revenue earned by the central government and state governments after regular and provisional settlement in April 2019 is Rs 47,533 crore for CGST and Rs 50,776 crore for SGST,” the statement added.

In the financial year 2018-2019, the CGST collection was Rs 4.25 lakh crore, and the compensation cess was over Rs 97,000 crore. The Goods and Services Tax (GST) revenue collected in the last month is 16.05 percent higher than the monthly average of Rs 98,114 crore GST revenue in 2018-19. For the current financial year 2019-20, the government intends to collect Rs 6.10 lakh crore from CGST and Rs 1.01 lakh crore as compensation cess. The IGST balance is been slated to be around Rs 50,000 crore.

So, while some opposition politicians have been raising a red flag regarding the implementation of the GST, the collections registered by the finance ministry, however, suggest that the country is well-poised to receive a major thrust, propelling it on to a path of unprecedented economic growth.

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