GST collections at Rs 1.05 lakh cr in Feb
Business | March 01, 2020 19:48 ISTThe government has collected Rs 1.05 lakh crore as GST revenue in February, up 8 per cent over the same month last year.
The government has collected Rs 1.05 lakh crore as GST revenue in February, up 8 per cent over the same month last year.
This is second time since introduction of GST in July 2017 that the monthly revenues have crossed Rs 1.1 lakh crore. The GST collection is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.
GST revenue collection crossed the Rs 1 lakh crore mark after a gap of three months in November with the revenue growing by 6 per cent to Rs 1.03 lakh crore in the month. The GST collection was Rs 95,380 crore in October while it was Rs 97,637 crore November 2018.
The Central GST collection so far this fiscal stood at Rs 3.26 lakh crore, which is around half the government's target for 2019-20, Parliament was informed on Monday.
In more fiscal worries for the government, the Goods and Services Tax (GST) collection dropped 5.29 per cent to Rs 95,380 crore in the month of October 2019, on year-on-year basis.
The Goods and Services Tax (GST) collections dropped sharply to a 19-month low of Rs 91,916 crore in September, mirroring a widening slowdown in economy triggered by shrinking consumer demand.
The finance ministry in a statement said of the Rs 94,726 crore collected, Central GST (CGST) collection was Rs 16,442 crore, State GST (SGST) was Rs 22,459 crore, Integrated GST (IGST) was Rs 47,936 crore and Cess was Rs 7,888 crore.
The GST collections stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September and Rs 1,00,710 crore in October.
"Over Rs 11,900 crore has been released to the states from GST compensation fund during August-September after regular and ad-hoc settlement of IGST fund," an official told PTI.
The finance minister attributed the rise in the tax mop-up to lower tax rates and higher compliance.
The total number of GSTR-3B returns filed for the month of May up to June 2018 is 64.69 lakh, the finance ministry said in a statement.
While Goods and Services Tax (GST) collection in entire 2017-18 stood Rs 7.41 lakh crore, in March the figure was Rs 89,264 crore.
According to a finance ministry statement, the GST collection has been put at Rs 7.41 lakh crore for the period ending March 31, 2018.
Direct tax collection in the fiscal year just ended has exceeded the targets with a record 6.84 crore income tax returns being filed, officials said today.
The collection had marginally slipped in January to Rs 86,318 crore from Rs 86,703 crore in December.
Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
Collections under the GST, implemented from July 1 last year, were over Rs 95,000 crore for the first month, while in August the figure was just over Rs 91,000 crore.
The GST collection for the month of July was over Rs 95,000 crore while for August, it was more than Rs 91,000 crore.
GST revenue collections for the month of October are around Rs 10,000 less than the average revenue in the preceding three months.
Top News
Latest News