GST collections at Rs 95,480 crore in September
Business | October 01, 2020 16:08 ISTThe Goods and Services Tax (GST) collections in September stood at Rs 95,480 crore, the highest level so far this fiscal, the Finance Ministry said on Thursday.
The Goods and Services Tax (GST) collections in September stood at Rs 95,480 crore, the highest level so far this fiscal, the Finance Ministry said on Thursday.
The GST Council is likely to approve a two-year extension of the compensation cess levy on goods and services to allow the Centre to pay the entire shortfall in GST tax collection by states expected till June 2022.
As many as 13 states ruled by the BJP and parties that have supported it on various issues have submitted their borrowing options to the Centre to meet the GST revenue shortfall. These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand, Meghalaya, Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh.
The gross GST collection in August stood at Rs 86,449 crore, down from Rs 87,422 crore collected in July, the Finance Ministry said on Tuesday.
The country's GST collections declined to Rs 87,422 crore in July from Rs 90,917 crore in the previous month, a finance ministry statement said on Saturday. The July collections, however, are higher than Rs 62,009 crore goods and services tax (GST) mopped up in May and Rs 32,294 crore in April.
The government on Friday deferred the release of April GST revenue collection data due to the ongoing lockdown, sources said. The government had last month extended the deadline to file GST returns for March to May 5, from April 20.
Goods and Services Tax (GST) revenue in March stood at Rs 97,597 crore, lower than over Rs 1.05 lakh crore collected in February. Of the total Rs 97,597 crore revenue, the central GST stood at Rs 19,183 crore, state GST at Rs 25,601 crore and integrated GST at Rs 44,508 crore.
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.
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