Explained: GST collection hits record high of Rs 1.13 lakh crore in April. What does it imply

Though the double-digit growth in GST revenue from last year is being seen as a sign of growth in the taxpayer base, it also reflects the year-end adjustments and reconciliations at the end of the financial year 2018-19.

GST, real estate GST, gst council, GST options, impact on stateholder, impact of gst options, tax structure, business news, indian express, express explained

Goods and Services Tax (GST) collections hit an all-time high of Rs 1.13 lakh crore in April.

Goods and Services Tax (GST) collections hit an all-time high of Rs 1.13 lakh crore in April (for March). This is the second consecutive month of GST mop-up topping Rs 1 lakh crore-mark and 10 per cent higher than Rs 1.03 lakh crore collected in April 2018.

“The total gross GST revenue collected in April 2019 is Rs 1,13,865 crore of which Central GST is Rs 21,163 crore, State GST (SGST) is Rs 28,801 crore, Integrated GST is Rs 54,733 crore and cess is Rs 9,168 crore,” an official statement said.

Significance:

Though the double-digit growth in GST revenue from last year is being seen as a sign of growth in the taxpayer base, it also reflects the year-end adjustments and reconciliations at the end of the financial year 2018-19.

Also, the GST revenues may have gained from the computation of tax liability due to the filing of annual return for the financial year 2017-18 whose due date is June 30 along with data-analytics based action against tax evaders.

Under strain:

GST collections have been under strain, with the Central government even revising down its Budget target for 2018-19.

GST targets have been challenging in view of a slew of relief measures and rate cuts that have been estimated to create a dent of Rs 80,000 crore a year along with revenue loss due to leakages and tax evasion.

Aanchal Magazine

Aanchal Magazine is a Senior Assistant Editor with The Indian Express, serving as a leading voice on the macroeconomy and fiscal policy. With over 13 years of newsroom experience, she is recognized for her ability to decode complex economic data and government policy for a wider audience. Expertise & Focus Areas: Magazine’s reporting is rooted in "fiscal arithmetic" and economic science. Her work provides critical insights into the financial health of the nation, focusing on: Macroeconomic Policy: Detailed tracking of GDP growth, inflation trends, and central bank policy actions. Fiscal Metrics: Analysis of taxation, revenue collection, and government spending. Labour & Society: Reporting on labour trends and the intersection of economic policy with employment. Her expertise lies in interpreting high-frequency economic indicators to explain the broader trajectory of the Indian economy. Personal Interests: Beyond the world of finance and statistics, Aanchal maintains a deep personal interest in the history of her homeland, Kashmir. In her spare time, she reads extensively about the region's culture and traditions and works to map the complex journeys of displacement associated with it. Find all stories by Aanchal Magazine here ... Read More