The gross GST collection for March 2020 stands at Rs 97,597 crore, out of which Rs 19,183 crore is CGST, Rs 25,601 crore is SGST, Rs 44,508 crore is IGST (inclusive of Rs 18,056 crore collected via import), and Rs 8,306 crore is Cess (inclusive of Rs 841 crore received on import). 76.5 lakh GSTR-3B returns have been filed from 1 February 2020 to 31 March 2020.
The revenue collection out of domestic transactions reported a negative growth of 4% during March 2020 in comparison to the revenue generated during March 2019. Taking into consideration the GST revenue collection received from the import of commodities, the gross revenue for March 2020 has also decreased by 8% in comparison to revenue collected during March 2019. The GST on imports of commodities also has shown a negative growth of (-) 23% in March 2020 when compared to March 2019.
In the form of a regular settlement, the government has paid Rs 14,915 crore to SGST via IGST, and Rs 19,718 crore to CGST. Additionally, the Central Government has also allocated Rs 6,000 crore of unsettled balance IGST on an ad-hoc basis between the centre and states/UTs (50:50 ratio). The total GST revenue earned by the Central Government and the state governments following the normal settlement in March 2020 is Rs 43,516 for SGST and Rs 41,901 for CGST.
The GST collection concerning domestic transactions has reported an increase of 8% in comparison to last year’s revenue for the entire financial year 2019-20. During the year, the revenue collection via import on commodities has dropped by 8% in comparison to the previous year. Overall, the gross GST revenue collection has grown by 4% in comparison to GST revenue from the last year.
Despite a higher target, GST revenue collection for March 2020 stands at Rs 97,597 crore, and this has been the lowest in the last quarter because of the pandemic lockdown as anticipated. Over the coming months, we will see a higher decline over GST collection because most of the companies are closed. The domestic and foreign markets are unpredictable, so the government will need to be more careful about setting the target for the next quarter.
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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”.