Government downturn also slows down: GST collection in August Less than one lakh crore

(PTI) New Delhi, Ta. September 1, 2019, Sunday

For the second time in the financial year 2019-20, the GST Collection is showing a decline of Rs. Less than 1 lakh crore. GST revenue in August 2019 is Rs. 98,202 crore. In July 2019, GST Collection will be Rs. The finance ministry said on Sunday that it was more than 1.02 lakh crore.

However, the total Goods and Services Tax (GST) collection was Rs. This was an increase of 4.51% this year compared to 93,960 crore. For the second time in the current financial year, GST revenue is Rs. Has gone below 1 lakh crore. Earlier in June 2019, the collection of GST was Rs. A little less than Rs 1 lakh crore 99,939 crore, which was increased to Rs. 1.02 lakh crore.

In the month of August, the Central GST Collection will cost Rs. 17,733 crore, State GST Rs. 24,239 crore and Integrated GST Collection for Rs. 48,958 crore was in IGST, Rs. The GST collection of Rs 24,818 crore came from imports, the finance ministry said in a statement.

The ministry added that in August, cess on imports through cess was Rs. 841 crore including a total of Rs. 7,273 crore was collected. The total number of GSTR3B Returns (Summary of Self-Assessed Returns) filed from July to the end of August was 75.80 lakh. According to the ministry statement, the GST compensation for the June-July 2019 will be Rs. 27,955 crore has been provided.

The government has provided Rs. 23,165 crore and a regular settlement of Rs. 16,623 crore has been settled. After the regular settlement in August 2019, the total GST earnings from the central and state governments were Rs. 40,898 crore for CGST and Rs. 40,862 crore for SGST. During April to August, the overall GST collection was Rs. 5,14,378 crore, which was Rs. This represents an increase of 6.3% in the first five months of the current financial year, compared to Rs 4,83,538 crore.

Rajat Mohan, senior partner at AMRG & Associates, said: "The economy is in a downward trend. Various sectors including automobile and FMCG are going through the worst phase due to slow consumption.

This is reflected in the GST figures. ' However, on several occasions, the government said that it would meet the target of indirect tax collection set out in the budget. 6.10 lakh crore and Rs. Has proposed a collection of 1.01 lakh crore. IGST balance is Rs. 50,000 crores. In FY 2018-19, the CGST Collection is Rs. 4.25 lakh crore while the compensation cess was Rs. 97,000 crore.