RISE AND RISE … GST collections jump to more than one lakh crore rupees a month

NEWS / GST / COLLECTIONS
NEW DELHI: Good news is that the total GST collections for last month, April, overshot the previous figures and stood at Rs 1,13,865crore. This is the highest figures so far since the Goods and Services Tax regime came into being in July 2017. The GST system is a unified tax system across markets in the country by the Modi government under the slogan, One Nation, One Tax.

Obviously, the new system has helped streamline the taxation system, the main source of revenue for government, and reduce tax evasion.

 The Union finance ministry said the April figure was 10.05 per cent higher than the tax collections for the same month last year –2018.

Also, this is 16 per cent higher than the monthly average revenue in the fiscal 2018-19. Of this, the central GST collections were or Rs 21,613crore, state GST (SGST) Rs 28,801crore, integrated GST Rs 54,733crore, and cess Rs 9,168crore. This scenario is expected to continue with more additions every month this fiscal.
The finance ministry statement said the total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13lakh. The government has settled Rs20,370crore to CGST and Rs15,975crore to SGST from IGST as regular settlement.
Further, Rs12,000crore 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 month of April, 2019 isRs47,533crore for CGST and Rs50,776crore for the SGST.
The GST has come in for criticism because of the flaws in the new system, which hurt the trading community. However, it is acknowledged that such a huge new system will pose some problems in its implementation. These flaws are being corrected through regular steps. Fact remains that GST has come as a great relief for a nation and states starved of funds. IHN-NN
INDIA HERE AND NOW http://www.indiahereandnow.com email:indianow@gmail.com

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