GST revenue on upswing as February mop up stands at Rs 90,000 crore, says Finance Secretary Hasmukh Adhia

By: |
Updated: April 2, 2018 5:45:42 PM

Finance Secretary Hasmukh Adhia on Monday said that the February GST collections till March end stand at around Rs 90,000 crore.

Hasmukh Adhia, new limit for gold transactions, PMLA, PAN for jewellery purchase, Prevention of Money Laundering Act, 2002The government is on track to meet FY18 fiscal deficit target of 3.5 percent, he said.  (PTI)

Presenting the GST mop up scenario up till now, Finance Secretary Hasmukh Adhia on Monday said that the February GST collections till March end stand at around Rs 90,000 crore. The GST collections will further rise as e-way bill has now been rolled out, he said. “GST collection for February collected in March stand at Rs 89, 264 crore which shows an upswing in revenue collection trends. Rs 17, 616 crore in GST refunds given have been given out so far,” he said. Even though this year was a year of uncertainty for revenue but the government has managed to achieve both direct and indirect tax targets for the last fiscal, he added. The government is on track to meet FY18 fiscal deficit target of 3.5 percent, he said.

Talking about the e-way bill that was relaunched on April 1, Hasmukh Adhia said that it was a successful roll out and there were no glitches reported. He also  said that e-way bill will help the government in cracking down on tax evaders. Post successful roll out of inter state e-way bill, we may also very soon announce intra-state launch of e-way bill, he said. Speaking on the same occasion, A B Pandey, GSTN chairman, said that 3.89 lakh e-way bills have been generated today. “2.59 lakh e way bills generated on April 1, and 2.89 lakh e-way bills were generated today,” he said. The system has now stabilised over 1 crore dealers now on the GSTN system, he said. The government has appointed one lakh agents all over the country who will help the taxpayers with their queries.

Hasmukh Adhia also informed that the government has received refund applications of Rs 25,000 crore till date and IGST refunds of Rs 9,604 have been given so far, he said. The CBDT Chairman Sushil Chandra said that the government has collected Rs 9.95 lakh crore under direct taxes in FY18. Net corporate tax recorded a growth of 17.1 percent while net personal income tax recorded a growth of 19.9 percent.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition