GST Revenue Collections, The total gross GST revenue collected in the month of January 2019 is Rs 1,02,503 crore of which CGST is Rs 17,763crore, SGST is Rs 24,826 crore, IGST is Rs 51,225 crore (including Rs24,065crore collected on imports) and Cess is Rs 8,690 crore (including Rs 902crore collected on imports). In FY 2018-2019, it is for the third time that GST Revenue collection has crossed One Lakh Crore. The total number of GSTR 3B Returns filed for the month of December up to 31st January 2019 is 73.3lakh.
The government has settled Rs 18,344 crore to CGST and Rs 14,677 crore to SGST from IGST as the regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of December 2018 is Rs 36,107 crore for CGST and Rs 39,503 crore for the SGST.
The collection in January 2019 is a significant increase from the collection of Rs 94,725 crore in December, which was a decline from Rs 97,637 crore in November and Rs 1,00,710 crore in October. January 2019 collections are 14% above the January 2018 collections of Rs 89,825 crore. This jump has been achieved despite various tax reductions have come into force that provided major relief to the consumers. The gross GST collections over the last three-month period have been 14% higher than the corresponding period last year.
The following Chart shows Trends in Revenue during the Current Financial Year 2018-19 as compared to the Last FY 2017-18: The following Chart shows Trends in Revenue during the Current Financial Year 2018-19 as compared to the Last FY 2017-18:
GST Revenue Collections
GST Collection touched the 2nd Highest even after continually decrease in GST rate. It’s showing that Revenue can be improved by keeping people in faith and taking their need in consideration/needs.
The shortfall in GST revenue of an estimated Rs 1 lakh crore has forced the government to revise downwards its gross tax revenue target by over Rs 23,066 crore in the revised estimates of the current fiscal despite a better-than-expected collection on the direct tax side