GST revenue declines; Rs 93,960 cr collected in Aug

The Government on Saturday said the total gross GST revenue collected in August, this year is Rs 93,960 crore.

In the last month of July, the revenue stood at Rs 96,483 crore, and in June at Rs 95,610 crore, the Finance Ministry said in a statement here.

Of the collected GST of Rs 93,960 crore, the CGST is Rs 15,303 crore, SGST is Rs 21,154 crore, IGST is Rs 49,876 crore — including Rs 26,512 crore collected on imports — and cess is Rs 7,628 crore.

The total number of GSTR 3B Returns filed for July up to August 31 this year is 67 lakh. This is slightly higher than 66 lakh returns of June filed up to July 31.

The last date of filing return of July, 2018 in Kerala was extended upto October 5, this year due to devastation of the floods in the state.

The total revenue earned by Central Government and State Governments after settlement including provisional settlement of Rs 12,000 crore in August, 2018 is Rs 36,963 crore for CGST and Rs 41,136 crore for the SGST. For the bi-monthly period June-July, 2018, compensation of Rs 14,930 crore has been released to states.

The revenues collected in August, 2018 of Rs 93,960 crore is slightly lower than July, 2018 collection of Rs 96,483 crore, and June’s Rs 95,610 crore, according to the statement.

One of the main factors for the dip in tax revenues is probable postponement of sale of items for which tax rate was reduced by the Council as the decision to reduce the tax rate was taken in meeting held on July 21 while the notification of the reduced rate came into effect only from July 27, 2018.

Since it would have taken some time for the market to pass on the benefit of reduced taxes, consumers would have postponed their decision to buy expecting the benefit. The actual impact of reduction of rate of taxes would be observed only from next month onwards as the rate reduction would have got affected only in last few days of the month.

Even past trend of indirect tax collection shows that while July collections are 8.2 per cent of the total annual collections, August collections are at a lower level of 7.7 per cent of the total annual collections. This is another reason for lower collections during the month of August as compared to that in July, the statement added.

 

GSTVના લેટેસ્ટ News અને Videos માટે લાઈક કરો Youtube Twitter