Economy

GST collections pass the Rs.1 lakh crore mark, report released by GSTN

GSTN has released its monthly tax collection figures for July 2019. The month of July 2019 recorded a total GST collection of Rs 1,02,083 crores, marking a 5.8% growth in comparison to the same month of the corresponding previous year. It is higher by 2% on M-o-M basis.

Some economists attribute the whopping increase to the higher mop-up under the integrated GST. On the other hand, since the GSTR-9 was previously due by 31 July 2019, the growth can also be due to the payment of tax dues by annual return filers for FY 2017-18.

The monthly revenue collections crossed Rs.1Lakh crore mark previously in April 2019 and May 2019. July 2019 is the third month in FY 2019-20 to have passed the one trillion figure and seventh one since the launch of GST. On the downside, the budgeted target for FY 2019-20 is so far yet to be met, obliging the government to revise the estimated figures to Rs.5.26 trillion.

Also Read: Trial Run of the New GST Return Offline Tool Goes Live

While diagnosing the collections of July 2019 under each tax head, IGST has outperformed the State collections in comparison to the previous month. SGST collections fell by Rs.335 crore for July 2019 while the IGST collections for July 2019 rose by 5.9% to a total of Rs.50,612 crore.

The press release further stated that while comparing the period of April-July 2019 vis-à-vis the previous year 2018, it was noticed that the domestic component grew by 9.2%. The GST on the imports has reduced by a meagre 0.2%, but the collections have increased by 6.83%.

The revenue collection is likely to see a slight uptrend in the coming month of August 2019 attributable to the deadline push given for the filing of GSTR-9 to 31 August 2019. The extension may invite more taxpayers to come forward to make full disclosure and pay any taxes still due.

GST return filing will take a new shape in the coming months with the new GST returns. With the compliance process undergoing a drastic change, the rest of the months may be able to pull it off with migration being the biggest challenge for taxpayers. Hence, the cumulative revenue collections may be able to touch the revised estimated figures for FY 2019-20.

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

8 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

8 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

8 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

8 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

8 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

8 months ago