GST collection for March 2019 has created a record high mark for FY 2018-19. The total gross GST revenue collected in the month of March 2019 is Rs. 1,06,577 crore. The Ministry of Finance on Monday released the figures.
The March 2019 collection has been the highest since the introduction of GST. With this update, the total GST collected during the year has reached Rs 11.77 lakh crore, almost Rs 75,000 crore short of the annual target.
The comparative collections made during March 2018 was Rs. 92,167 crore. The revenue during March 2019 has seen a growth of 15.6% over the revenue in the same month last year. Further, the monthly average of GST revenue during 2018-19 is Rs. 98,114 crore which is 9.2% higher than FY 2017-18.
For the fourth time in FY19, the monthly GST collection has crossed the one lakh crore mark. Ministry has quoted- “The monthly average of GST revenue during FY 2018-19 is Rs 98,114 crore, 9.2% higher compared to corresponding FY 2017-18. These figures point towards the growth in revenue that is picking up in recent months, despite various rate rationalisation measures.”
GST experts attribute the increase in the year-end GST collection to several extensions GST returns filing. The department extended the date to file GST returns belonging to FY 2017-18 up to 31st March 2019 without late fees. This relief had encouraged defaulters to comply by reporting by March 2019.
GST has reached a milestone, with the e-way bill implementation completing one year successfully on 1st April 2019. The GSTN published the figures for the total number of e-way bills generated during the first year on the government portal. As per the data released, a whopping 5577 lakhs e-way bills were generated in FY 2018-19.
The number of transporters registered on the e-way bill site is a meagre 41,000. The number recorded is against the possibly higher number of businesses operating close to seven million goods vehicles across the country. The shortfall in registrations questions the effectiveness of the measures taken to regularise the unorganised sector.
With the GST 2.0 coming into being by the end of 2019, we can only wait and watch how the Government attains such record highs to mark a history!
Annapoorna, popularly known as Anna, is an aspiring Chartered Accountant with a flair for GST. She spends most of her day Singing hymns to the tune of jee-es-tee! Well, not most of her day, just now and then.