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Highest GST collection; over Rs 1 lakh cr collected in March 2019
Economy

Highest GST collection; over Rs 1 lakh cr collected in March 2019

Agency News

New Delhi, Apr 1 : The Goods and Services Tax (GST) collection for March 2019 has crossed the mark of Rs 1 lakh crore, recording the highest collection in the financial year 2018-19, the Government announced on Monday. The total gross GST revenue collected in the last month of financial year 2018-19 was Rs 1,06,577. Of which, CGST is Rs 20,353 crore, SGST Rs 27,520 crore, IGST is Rs 50,418 crore, including Rs 23,521 crore collected on imports, and Cess Rs 8,286 crore, including Rs 891 crore collected on imports, the Finance Ministry said here.

“The monthly average of GST revenue during 2018-19 is Rs 98,114 crore which is 9.2 per cent higher than FY 2017-18. These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalisation measures,” the Ministry said in a series of tweets.

Collection in March, 2019 has been highest since introduction of the GST. Revenue in March, 2018 was Rs 92,167 crore and revenue during March, 2019 is a growth of 15.6 per cent over revenue in same month last year. Revenue for last quarter in 2018-19 is 14.3 per cent higher than same period last year, the Ministry said.

It added that the total revenue earned by the Central Government and state governments after regular and provisional settlement in the month of March, 2019 is Rs 47,614 crore for CGST and Rs 51,209 crore for the SGST. Further, Rs 20,000 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. Around 75.95 lakh GSTR 3B Returns have been filed for the month of February up to March 31, 2019. The Government has also settled Rs 17,261 crore to CGST and Rs 13,689 crore to SGST from IGST as regular settlement. (UNI)