GST mop-up rises to INR964.83bn in Jul 18, compliance improves

  • GST collections rose to INR964.83bn in Jul 18, from INR956.1bn in Jun 18, on improved compliance post implementation of the e-way bill.
  • As many as 6.6 million businesses filed returns in Jul 18, making it the highest number of monthly GSTR-3B filed since the rollout of Goods and Services Tax (GST) in Jul 17.
  • In the 2018-19 fiscal year, the monthly revenue mopped up from GST stood at INR1.03tr in Apr 18, INR940.16bn in May 18, and INR956.1bn in Jun 18.
  • “However, the government is still short of average monthly target of revenue fixed in Budget of 2018-19,” Taxmann DGM Vishal Raheja said.
  • Experts expressed apprehensions that GST collections in the coming months may decline as the impact of tax rate cut on 88 products would be felt in the returns filed in Aug 18.
  • Of the collections for Jul 18, Central GST accounted for INR158.77bn, State GST (INR222.93bn), Integrated GST (INR499.51) and Cess is INR83.62bn (including INR7.94bn collected on imports).

External Link: https://economictimes.indiatimes.com/news/economy/finance/gst-mop-up-rises-to-rs-96483-crore-in-july-compliance-improves/articleshow/65231441.cms

1-Aug-2018


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