The GST collection for April was pegged at Rs1.03 lakh.
The government's revenue collection from GST or goods and services tax exceeded Rs 1 lakh crore last month, the Ministry of Finance said on microblogging site Twitter today.
April marks the first ever month in which GST collectioncame in above Rs 1 lakh crore, since the rollout of the new indirect tax regime in July last year.
"The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance," the finance ministry further said.
The GST collection for April was pegged at Rs1.03 lakh.The total revenue earned by central and state governments after settlement in the month of April 2018 was at Rs.32,493 crore for CGST (Central GST) and Rs.40,257 crore for the SGST (State GST), the finance ministry said.April was also a month for filing of quarterly return for composition dealers.
Under the composition scheme, which is meant to lower the burden of compliance for small businesses, assessees have to pay tax at a minimum rate based on their turnover.
Out of 19.31 lakh composition dealers, 11.47 lakh filed their quarterly return (GSTR 4) and paid total tax of Rs 579 crore, the finance ministry said.During the year 2017-18, total revenue collections under GST between August 2017 and March 2018 were at Rs.
7.19 lakh crore, the government had earlier said.
Including the collection of July 2017, the total GST collections during the 2017-18 stood provisionally at Rs.
7.41 lakh crore.The average monthly collection was Rs.
89,885 crore during the August-March period, it said.The revenue gap of each state is coming down over the last eight months, the finance ministry had said, adding the average revenue gap of all the states for the last year is around 17 per cent.
The GST collection is shared between the states and the centre.