GST collection: The revenue stood at Rs 1,02,503 crore last month, the finance ministry said in a release
GST or goods and services tax collections stood at Rs 1,02,503 crore in the month of January, the government said on Saturday. The official GST data for the entire first month of calendar year 2019 came days after the government notified the collections to have crossed the Rs 1 lakh crore mark. At Rs 1,02,503 crore, GST revenue last month was up 8.2 per cent compared with the previous month, and 14.1 per cent compared with January 2018, according to government data.
Here are 10 things you need to know about GST collections:
- The GST data marked the third month in the current financial year in which GST collections crossed the Rs 1 lakh crore mark, with the other two months being April and October.
- The collections in April and October had stood at Rs 1,03,458 crore and Rs 1,00,710 crore respectively.
- The government also said that the jump in collections last month was achieved despite various tax reductions having come into force that provided major relief to the consumers.
- Out of the total collections, revenue from CGST or central goods and services tax was at Rs 17,763 crore in the month, the Ministry of Finance said in its February 2 statement.
- SGST or state goods and services tax came in at Rs 24,826 crore, while IGST or integrated GST was at Rs 51,225 crore (including Rs 24,065 crore collected on imports).
- The total number of GSTR 3B returns - applicable to registered taxpayers - filed for the month of December up to January 31, 2019 was 73.3 lakh, it noted.
- In his Budget speech this year, Union Ministry Piyush Goyal had said: "GST has resulted in increased tax base, higher collections and ease of trade. This will reduce the interface between the tax payer and the Government for day-to-day operations and assessments."
- He also said that with the online returns filing and e-way bill system in place, inter-state movement has become "faster, more efficient and hassle free with no entry tax, check posts, and truck queues". (Read full budget speech here)
- The government has pegged its estimate for GST collections in 2019-20 at Rs 7,61,200 crore. That marks an 18.2 per cent increase from the revised estimate of Rs 6,43,900 crore for the current financial year.
- Here's how the government's GST collections have been so far this year.
(The trends in 2018-19 GST revenue as against 2017-18)
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