Economy National

GST collection scales record high of ₹1.13 lakh crore in April

GST collection scaled all-time high of over ₹1.13 lakh crore in April, up from ₹1.06 lakh crore in the previous month, the finance ministry said on Wednesday.

“The total gross GST revenue collected in April 2019 is ₹1,13,865 crore of which Central GST is ₹21,163 crore, State GST [SGST] is ₹28,801 crore, Integrated GST is ₹54,733 crore and cess is ₹9,168 crore,” an official statement said.

Total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April is the first month of 2019-20 fiscal.

The collection last month has been the highest since introduction of GST and also reflects 10.05% growth over April 2018, when the collection was ₹1,03,459 crore, it said.

The government has settled ₹20,370 crore to CGST and ₹15,975 crore to SGST from IGST as regular settlement.

Further, ₹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 the Central government and State governments after regular and provisional settlement in April 2019 is ₹47,533 crore for CGST and ₹50,776 crore for SGST,” the statement added.

For 2019-20, the government proposes to collect ₹6.10 lakh crore from CGST and ₹1.01 lakh crore as compensation cess. The IGST balance has been pegged at ₹50,000 crore.

The CGST collection in 2018-19 was ₹4.25 lakh crore, while compensation cess was over ₹97,000 crore.

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

Source: thehindu.com

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