The GST collection for March-19 crossed up-to its highest since the new system rolled-out of the nationwide sales tax. The mop-up for March rose 10.05 percent over the Mar-18 to Rs 1.13 lakh crore, according to a statement by the Ministry of Finance.
That compares with the previous high of Rs 1,06,577 crore collected for Feb-19. The GST revenue for March-19, collected in Apr-19, is also 16.05 percent more than the monthly avg of Rs 98,114 crore in the last
That compares with the previous high of Rs 1,06,577 crore collected for Feb-19. The GST revenue for March-19, collected in Apr-19, is also 16.05 percent more than the monthly avg of Rs 98,114 crore in the last financial year.
The basic reason for higher tax collection could be businesses managing to reverse ineligible input credits, especially due to mismatch with vendor returns, said Krishan Arora, partner at Grant Thornton India LLP.
The number of GSTR-3B returns filed, however, fell. As of April 30, 72.13 lakh returns were filed for March-19, down from 75.95 lakh for Feb-19 and 73.4 lakh for Jan-19.
Rs 1.13 lakh crore was paid by taxpayers for March-19, the collected amount will reflect in govt’s accounts in 2019-20 financial year as it was collected in April.
For financial year 2018-19, the govt’s total GST collection stood at Rs 11.77 lakh crore against the revised target of Rs 11.47 lakh crore. In the ongoing financial year, the total GST collection is targeted at Rs 13.71 lakh crore.
The government has budgeted Rs 6.1 lakh crore as its share. The step increase in collections despite rate cuts in FY-19 shows that GST revenues are now on the stabilisation curve, said Mani.
If the trend continues, he said, the GST target for 2019-20 would be achieved.
March Break-Up Here’s the break-up of tax collected under various categories for March:
CGST: Rs 21,163 crore
SGST: Rs 28,801 crore
IGST: Rs 54,733 crore
Compensation Cess: Rs 9,168 crore
IGST is settled between the states and the center government’s, based on where goods and services were consumed. From the IGST collected for
March, Rs 20,370 crore was transferred as central GST and Rs 15,975 crore as State GST.