The Goods and Services Tax (GST) collections for April have reached an all-time high of Rs 1,13,865 crore, overtaking the previous month’s total of Rs 1.06 lakh crore. The numbers can be attributed to high compliance and increased number of returns as more more businesses are being brought into its fold.
The total gross GST for April is Rs 1,13,865 crore of which CGST is Rs 21,163 crore, and SGST is Rs 28,801 crore while IGST is Rs 54,733 crore. The total number of GSTR 3B returns filed for March up to April 2019 is 72.13 lakh while the centre has settled Rs 20,370 crore to CGST and Rs 15,975 crore to SGST.
The settlement of Rs 12,000 crore from the IGST balance IGST on a provisional basis is available as 50:50 between the centre and state. Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed on the supply of goods and services and divided into five tax slabs for collection of tax – 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent respectively.