Business

GST collections cross trillion mark for first time; e-way bill to boost it further

Sources said that the collections have improved on the back of economic recovery and improvement in compliances

In a first, the goods and services tax (GST) collections in the month of April were at Rs1.03 trillion.

It need be mentioned that this is first time that revenues have crossed Rs1 trillion after the new tax regime was rolled out on 1 July.

Sources said that the collections have improved on the back of economic recovery and improvement in compliances.

The finance ministry however was cautious to point out that higher numbers could be partly attributed to the payment of tax arrears in the month for the last financial year.

The government is also expecting to boost GST collections after introduction of e-way bill or electronic tracking of movement of goods from 1 April.

This is expected to become a deterrent for tax evaders looking to keep transactions completely off their books or to understate their turnover.

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 (including Rs21,246 crore collected on imports).

The cess stood at Rs 8554 crore.

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