GST collecting slips under Rs 1 lakh crore value to Rs 98,202 crore in August

In another notice of financial slowdown, GST collection in August fell below Rs 1 lakh crore mark to Rs 98,202 crore. The tax accumulation was at Rs 1.02 lakh crore in July this year. The August mop-up was, though, 4.5 per cent higher than the Rs 93,960 crore raised in the corresponding month last year.

This is another time when this year that the tax collection from the GST has moved below the Rs 1 lakh crore mark. First, it occurred in June when the accumulation was Rs 99,939 crore.

Central GST collections stood at Rs 17,733 crore, State GST Rs 24,239 crore, and Integrated GST Rs 48,958 crore (including Rs 24,818 crore collected on imports) through August this year.

Cess collection was at Rs 7,273 crore (including Rs 841 crore collected on imports).

The amount of GSTR 3B Returns (summary of self- assessed return) filed for July up to end-August totalled 75.80 lakh.

Gross GST collections during April-August stood at Rs 5,14,378 crore, up from Rs 4,83,538 crore in the similar time of the last fiscal. This shows a growth of 6.3 per cent during the five months of the popular fiscal.

For 2019-20, the government intends to collect Rs 6.10 lakh crore from CGST and Rs 1.01 lakh crore as compensation cess. The IGST balance has been secured at Rs 50,000 crore.

The CGST collection in 2018-19 was Rs 4.25 lakh crore, while compensation cess was over Rs 97,000 crore.

The August figures are in line with the other limited economic signs. Two days ago, GDP growth slipped to over six years low of 5 per cent in the April-June quarter of 2019-20.

The government needs over Rs 1 lakh crore GST to meet its fiscal target and also to not compensate states for losses. It gives rules once in every two months for the damages they acquire in the first five years of the implementation of GST.

The government has already transferred Rs 27,955 crore to the states in the form of compensation in June-July this year and Rs 17,789 crore in April-May.

For more tips on finance and investment related topics click here.

Leave a Reply

Your email address will not be published. Required fields are marked *