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GST mop-up slips below Rs 1 lakh crore mark to Rs 98,202 crore in August

03 Sep 2019 Evaluate

In a clear sign of an economic slowdown, the finance ministry has indicated that Goods and Services Tax (GST) collections slipped below Rs 1 lakh crore mark to Rs 98,202 crore in the month of August 2019. The tax collection was at Rs 1.02 lakh crore in the previous month. However, total GST mop-up for August 2019 was 4.5 percent higher than the Rs 93,960 crore collected in August 2018.

The Ministry has pointed out that this is the second time during this year that the revenue collection from the GST has slipped below the Rs 1 lakh crore mark. First, it happened in June when the collection was Rs 99,939 crore. Central GST collections stood at Rs 17,733 crore, State GST Rs 24,239 crore, and Integrated GST Rs 48,958 crore (including Rs 24,818 crore collected on imports) during August this year. Cess collection stood at Rs 7,273 crore (including Rs 841 crore collected on imports). Besides, the number of sales return or GSTR-3B filed for the month of July up to end-August totaled 75.80 lakh.

Meanwhile, for the current financial year (FY20), the Centre proposes to collect Rs 6.10 lakh crore from CGST and Rs 1.01 lakh crore as compensation cess. The IGST balance has been pegged at Rs 50,000 crore. The CGST collection in 2018-19 was Rs 4.25 lakh crore, while compensation cess was over Rs 97,000 crore.

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