Revenue collections from the Goods and Services Tax hit a record ₹1.13 lakh crore in April 2019, according to official data released on Wednesday. The government had collected ₹1.06 lakh crore in March.
“The total gross GST revenue collected in the month of April 2019 is ₹1,13,865 crore of which CGST is ₹21,163 crore, SGST is ₹28,801 crore, IGST is ₹54,733 crore and cess is ₹ 9,168 crore,” the government said.
“The revenue in April 2018 was ₹1,03,459 crore and the revenue during April 2019 is a growth of 10.05% over the revenue in the same month last year,” it added. “The revenue in April 2019 is 16.05% higher than the monthly average of GST revenue in financial year 2018-19 (₹98,114 crore).” The March 2019 collections were 15% higher than the ₹92,167 crore in March 2018. “The steep increase indicates that GST revenues are now stabilising,” MS Mani, Partner at Deloitte India said.
“The fact that the [GST] revenue collections in April 2019 are over 10% higher than April 2018 is encouraging and indicates that the tax base is increasing gradually with GST getting stabilised, measures such as the e-waybills, and effective data mining,” Pratik Jain, Partner and Leader of Indirect Tax at PwC India said.
“The [GST] revenue collections reported relate to transactions in March, which would typically be higher being the last month of the fiscal where all businesses would be keen to achieve sales targets for the year,” said MS Mani, Partner at Deloitte India. “However an increase of over 16% on the annual average does indicate that GST revenues have now stabilised,” he added.
