Collections under the Goods and Services Tax (GST) for the month of April were in excess of Rs 1.03 trillion, making it the first time since its July 2017 launch that it crossed the Rs 1 trillion mark. The Ministry of Finance in a statement said that the upward swing in collections could be attributed to the economy recovering and increased compliance but added that it could be due to payment of tax arrears from the previous year.
The buoyancy of GST revenues is expected to get better with the implementation of the e-way bill system which is expected to be a deterrent for those looking to evade taxes by keeping transactions off the books.
Of the Rs 1.03 trillion collected, Rs 18,652 crore was central GST (CGST), Rs 25,704 crore was state GST (SGST) and Rs 50,548 crore was integrated GST (IGST) of which Rs 21,246 crore was collected from imports. Total cess collections numbered Rs 8,554 crore.
60.47 GSRT 3B returns were filed in March against 87.12 lakh tax payers, keeping compliance at 69.5 per cent.
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