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GST collections fall below Rs 1 lakh crore in March

03 Apr 2020 Evaluate

The Ministry of Finance in its latest data has showed that Goods and Services Tax (GST) collections in March 2020 slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. GST mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.

In the last four months -- November 2019-February 2020 -- GST collection surpassed the Rs 1 lakh crore-mark. In February, mop-up was Rs 1.05 lakh crore, January (Rs 1.10 lakh crore), December (Rs 1.03 lakh crore) and November (Rs 1.03 lakh crore). The number of GST returns filed during March was 76.5 lakh, lower than 83 lakh filed in February -- reflecting poor compliance.

The gross GST revenue collected in the month of March, 2020 is Rs 97,597 crore of which CGST is Rs 19,183 crore, SGST is Rs 25,601 crore, IGST is Rs 44,508 crore (including Rs 18,056 crore collected on imports) and Cess is Rs 8,306 crore (including Rs 841 crore collected on imports). The government has settled Rs 19,718 crore to CGST and Rs 14,915 crore to SGST from IGST as regular settlement.

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