Arun Jaitley hails one-year of GST for greater tax compliance, collection rises to Rs 95,610 crore in June

The rollout of Goods and Services Tax on Sunday has completed a year. On the occassion, Arun Jaitley took to micro-blogging site Twitter to convey his best wishes to people, state governments and officials. Calling the GST implementation historic and game changer, he said that GST has resulted in increased formalisation and greater tax compliance for the Indian economy. 

On completing the one year, the government in the national capital celebrated July 1 as GST day. On the occassion, Finance Secretary Hasmukh Adhia informed that the total GST collection in the month of June has risen to Rs 95,610. 

1st July 2017 marked the introduction of #GST in India, a historic & game changer reform. #GSTAtOne year has resulted in increased formalisation and greater tax compliance. On this landmark day, I convey my best wishes to people, state governments & officials.

— Arun Jaitley (@arunjaitley) July 1, 2018

GST collections in May declined to Rs 94,016 crore from over Rs 1.03 lakh crore in April. The total gross GST revenue collected in May 2018 is Rs 94,016 crore, of which CGST is Rs 15,866 crore, SGST Rs 21,691 crore, IGST Rs 49,120 crore and cess Rs 7,339 crore

"It's (Rs 1 lakh crore) not the norm still. We hope to bring it (GST revenue) to the level of Rs 1 lakh crore (every month)", Adhia said. 

He said the average monthly collection in the previous fiscal has been Rs 89,885 crore.

Adhia also said if bogus bills are not issued, then revenues would improve further in the coming months.

Adhia also acknowledged the efforts of stakeholders, officers and businesses in making GST, which was rolled out on July 1 last year, a success.

It was interesting to see how the states defended their interests irrespective of party line and sitting through 27 meetings of GST Council. 31 states passed the GST Bill in record time of one and a half months: Finance secretary Hasmukh Adhia at GST Day celebrations in Delhi pic.twitter.com/vXzSI7WYBP

— ANI (@ANI) July 1, 2018

Meanwhile, the interim Finance Minister Piyush Goyal also thanked the political parties for their corporation ove r a success rollout of the GST. 

Goods & Service Tax has long term benefits for the economy. I would like to thank all political parties and leaders for their cooperation on GST. It has brought transparency: Union Minister Piyush Goyal at GST Day celebrations in Delhi pic.twitter.com/2kv29nP60y

— ANI (@ANI) July 1, 2018

"Goods and Service Tax has long term benefits for the economy. I would like to thank all political parties and leaders for their cooperation on GST. It has brought transparency", he said. 

This historic decision by Modi govt had been pending for decades. Notwithstanding with what opposition says we go by evidence. Figures speak for themselves. It has produced a behavioural change in common man, to be a tax payer instead of a tax evader: Jitendra Singh, MoS PMO #GST pic.twitter.com/uOf0JXeD95

— ANI (@ANI) July 1, 2018

Jitendra Singh, MoS PM, also listed out the advantages of the GST. "This historic decision by Modi govt had been pending for decades. Notwithstanding with what opposition says we go by evidence. Figures speak for themselves. It has produced a behavioural change in common man, to be a tax payer instead of a tax evader", he said.