GST revenue hits all-time high of Rs 1.41 lakh crore in April
Business | May 01, 2021 17:38 ISTGST collections in April touched a record high of over Rs 1.41 lakh crore, indicating sustained economic recovery, the Finance Ministry said on Saturday.
GST collections in April touched a record high of over Rs 1.41 lakh crore, indicating sustained economic recovery, the Finance Ministry said on Saturday.
The ministry said in line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January 2021 are 8 per cent higher than that in the same month last year.
Revenue collection under the Goods and Services Tax (GST) in April crossed Rs 94,000 crore and was higher than the average monthly collection of Rs 89,885 crore during 2017-18, the government said on Friday.
While Goods and Services Tax (GST) collection in entire 2017-18 stood Rs 7.41 lakh crore, in March the figure was Rs 89,264 crore.
In an SBI Ecowrap report titled "The Arithmetic of GST Collections", Chief Economist Soumya Kanti Ghosh noted that the speculative collection target pegged at Rs 7.4 lakh crore is 67 per cent higher than the revised estimates (RE) for FY 2017-18.
Collections under the GST, implemented from July 1 last year, were over Rs 95,000 crore for the first month, while in August the figure was just over Rs 91,000 crore.
GST revenue collections for the month of October are around Rs 10,000 less than the average revenue in the preceding three months.
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