The Goods and Service Tax Collections have crossed Rs. 1.03 trillion in the month of April superseding the Rs. 1 trillion mark for the first time post the new tax regime which was rolled out on 1 July last year.
As per the statement released by the finance ministry, the buoyancy in tax collections is being attributed to economic recovery and improvement in compliances. However, it is also being cautioned that the higher numbers could be partly attributed to the payment of tax arrears in the month for the last financial year.
Further, market analysts believe that there will be a further improvement in GST revenue buoyancy post implementation of the e-way bill or electronic tracking of movement of goods from 1 April.
GST Collection Break-Up
Of the total revenue of Rs1.03 trillion collected in April, the breakdown from different sectors as released by financial ministry stands at:
- Central Goods and Services Tax: Rs 18,652 crore
- State Goods and Services Tax: Rs 25,704 crore
- Integrated Goods and Services Tax: Rs 50,548 crore
- Compensation Cess: Rs 8,554 crore
The total number of GSTR 3B returns filed for the month of March up to 30 April was 60.47 lakh against 87.12 lakh taxpayers who are eligible to file the Return for the month of March, putting the compliance rate at 69.5%.
The Central and State Governments earned a total revenue of Rs 32,493 crore for CGST and Rs 40,257 crore for the SGST respectively, after settlement in the month of April.