The GST collection stood at Rs 1.02 lakh crore in July. However, as per the official information released on 1 September, the gross collections for August has dropped to Rs 98,202 crore. For the financial year 2019-20, this is the second instance where the GST revenue collection has fallen below the Rs 1 lakh crore mark. The first instance occurred in June, wherein the revenue collection dipped to Rs 99,939 crore.
According to the statement issued, the revenue collections for August 2019 is as follows:
- Central GST (CGST) collections: Rs 17,733 crore
- State GST (SGST) collections: Rs 24,239 crore
- Integrated GST (IGST) collections: Rs 48,958 crore (inclusive of Rs 24,818 crore collection made via imports)
- Cess collection: Rs 7,273 crore (inclusive of Rs 841 crore collection via imports)
From April to August of the current fiscal year, the GST collections (gross) stood at Rs 5,14,378 crore. However, in the subsequent period of the previous financial year, the GST collections stood at Rs. 4,83,538 crore. Therefore, there has been a growth of 6.3% from April to August of the current financial year.
The government compensates states for losses they suffered during the initial five years of GST implementation. The government requires over 1 lakh crore GST collection to comply with the fiscal target and not to pay compensation to states for losses they have incurred.
For the current fiscal year, Rs. 27,955 crore and Rs 17,789 crore has already been transferred by the government to the states as compensation for periods June-July and April-May respectively.
Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.