Reflecting the slowdown in the economy, collection from Goods and Services Tax (GST) dipped to nearly ₹98,000 crore in August. This is lowest in the current fiscal, however, it was higher than the collection during the same month last year.

A Finance Ministry statement released on Sunday informed that collection during the month of August was ₹ 98,202 crore, as against ₹ 1.02 lakh crore in July and ₹ 93,960 crore in August 2018. The dip in collection could be attributed to the slowdown in manufacturing and stagnancy in the services sector. Lower collection could also hit the fiscal deficit as situation on the direct tax front is also not good.

 

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Also read:GST collection beats estimates, reaches ₹1.02 lakh crore in July

Out of the total collection during August, Central Goods & Services Tax (CGST) is ₹17,733 crore, State Goods & Services Tax (SGST) is ₹24,239crore, Integrated Goods & Services Tax (IGST) is ₹48,958crore (including ₹24,818crore collected on imports) and cess is ₹7,273 crore (including ₹841crore collected on imports). The total number of GSTR 3B-Returns filed for the month of July up to August 31, is 75.80 lakh.

The government has settled ₹23,165 crore to CGST and ₹16,623 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of August, 2019, is ₹40,898 crore for CGST and ₹40,862 crore for the SGST.

Revenue growth

The revenue in August shows growth of 4.51 per cent over the revenue in the same month last year.

During April-August, 2019 vis-à-vis 2018, the domestic component has grown by 9.11 per cent, while the GST on imports has come down by 1.43 per cent and the total collection has grown by 6.38 per cent. The due date of filing returns was extended by a month in 58 districts in 7 states due to floods last month.

The Government also said that ₹ 27,955 crore has been released to the states as GST compensation for the months of June-July, 2019.

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