GST collection crossed 1 trillion mark in April 2018
GST collections in the month of April stood at Rs1.03 trillion, crossing the Rs1 trillion mark for the first time since the new tax regime was rolled out on 1 July
Of the total revenue of Rs1.03 trillion collected in April, Rs18,652 crore was central GST, Rs25704 crore was state GST and Rs50,548 crore was integrated GST
“GST collections in April exceeding Rs 1 lakh crore is a landmark achievement and a confirmation of increased economic activity as brought out by other reports,” finance minister Arun Jaitley tweeted. “With the improved economic climate, introduction of eway bill and improved GST compliance, GST collections would continue to show a positive trend.” The economy is widely forecast to grow around 7.4% in the current fiscal, up from 6.6% in FY18. Industrial production has exceeded 7% in the three months to February.
India is fast transforming from a tax non-compliant society to a tax-compliant society. The enactment and implementation of #GST, the impact of demonetisation, effective tax compliance are all steps against black money, steps which are formalising the Indian economy.
— Arun Jaitley (@arunjaitley) May 26, 2018