The total March GST collections may cross the over Rs 1 lakh crore till month-end, as payments are still being made by a section of taxpayers with late penalties, analysts feel.
The GST collections for the March month cross over Rs 96K crores till April 23, this is the highest collection for any month after the GST launched in July 2017, an official source said.
The total GST collections of March Month could cross the Rs 1 lakh crore mark by End of April, as payments are still being made by a section of taxpayers with late penalties, analysts feel.
The prediction of collection is based on the Tech customary spurt in GST payments in the last month of the financial year and the fact that only 55 lakh assessees had paid the tax by April 23 — only three days left the due date for tax payment without fines — against an average of around 65 lakh in the previous months.
Because, the Goverment has to declare of GST revenue; mean while, GST collection is below will be a problem for states as 14% annual GST revenue growth is guaranteed to them for five years, under a compensation mechanism. Of the total GST Revenue collections, the Centrel govt.
share CGST has so far been 30 per cent (though CGST share was even lower in the starting months, when the collected IGST pool was apportioned, it share subsequently went up).
With the March figures also in, the average monthly GST mop-up so far has been close to Rs 90k crore, which means a CGST share of Rs 27k crore. This is still a far cry from monthly CGST receipts of Rs 50,325 crore budgeted for 2018-19.
MS Mani, senior director at Deloitte India, said: “It appears that the GST revenues are now achieving the required buoyancy and the final figures (for March) may be even higher. Several anti-evasion measures such as the extension of the e-way bill to many states even for intrastate transactions during April could propel the revenues further during the current fiscal.”
The CGST target for FY18 (July-February) was Rs 2,21,400 crore, or Rs 27,675 crore a month. The actual collections were a bit lower but the Centre could still meet its overall tax collection target for the financial year.