GST crosses the 14.5 billion dollar mark |
Goods and Services Tax collections touched 170 billion dollar in fiscal 2018-19, exceeding the revised budget estimates of Rs 16,591, with record realisation of 15.3 billion dollar in March alone. March saw the highest ever monthly return filing since GST rollout on July 1, 2017, at 109,675 dollar- reflecting improved compliance. In a statement, the finance ministry said the monthly average of GST revenue during 2018-19 is 14 billion dollar, 9.2 percent higher than the previous fiscal. These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalisation measures. The collection in March, 2019, has been highest since introduction of GST and the fourth instance of the mop-up breaching the Rs one lakh crore mark in 2018-19 fiscal which ended on March 31, 2019. The March, 2019, collections also reflects a 15.6 per cent growth over March, 2018, collection of 13 billion dollar. Looking at the numbers the GST mop-up target for the next fiscal 2019-20, has been budgeted at 198 billion dollar.
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