Last week, the initial figures of revenue collection under Goods and Services Tax has been revealed showing a slowdown by Rs 1,144 crore when comparing the data with January revenue which was Rs 85,174 crore. Recently, Finance Secretary Hasmukh Adhia revealed the month-end figures exhibiting the increase in revenue collection under GST by Rs. 1,217 crores in February and it touches Rs 89,264 crore.
The secretary has mentioned that the figures are generally unveiled between 24th and 26th of every month, but when the figure again revealed concerning the end-month figures, it revealed a few thousand crore growths as compared to the initial figures. He mentioned, “GST collection for February (collected in March) stands at Rs 89,264 crore showing an upswing in revenue collection trends. Now we are approaching the Rs 90,000 crore mark.”
Read Also: GST Revenue May Reach Higher Than Before After Tight Provisions
According to the figures exhibited by the government, the GST collection for January existed at Rs 88,047 crore, whereas for December, it was Rs 88,929 crore.
Noticing the February, it was a month of 28 days, Adhia credited the upturn in revenue collections to hike compliance and the fiscal year end when people probably like to close their dues.
“GST collections will pick up further as compliance requirements are enforced like the rollout of the e-way bill from this month.”
He mentioned as well that “it was a year of uncertainty in terms of revenue, the government broadly managed to achieve both direct and indirect tax targets” concerning this fiscal.
“We are also confident about meeting the fiscal deficit target,” he dictated.
The Finance Secretary considers the e-way bill implementation “very successful and with no glitches”, he says that with this upswing the government will soon be able to launch the intra-state movement of goods as well.
“We plan to launch the intra-state e-way bill for the first group of states from April 15 after which another group of states will be added each week,” he added.
A.B. Pandey, GSTN chairman mentioned when 2.59 lakh e-way bills were issued on April 1, on the other side, more than 2.89 lakh bills were issued till 4 p.m. on April 3.
“This means that around 60,000 e-way bills are being generated every hour. We expect this number to rise further. We are prepared for even higher traffic.”
He mentioned when more than 11 lakh traders had registered for the new system of e-way, more than 20,000 transporters had as well as registered.
