GST Collection Crosses Rs 94,000 Crore in September
Despite reduced tax rates on several items, revenue collection under the Goods and Services Tax (GST) stood at Rs 94,442 crore in September after sliding to Rs 93,960 crore in August.
New Delhi, October 1: Despite reduced tax rates on several items, revenue collection under the Goods and Services Tax (GST) stood at Rs 94,442 crore in September after sliding to Rs 93,960 crore in August.
"The revenue collected in September shows an upward trend as compared to the August collection," the Finance Ministry said.
The government had last month attributed the dip in tax revenues to "probable postponement" of the sale of over 50 items, including refrigerators, washing machines, and small televisions, on which tax rate was reduced by the GST Council at its July 21 meeting. The reduced rates were to come into effect from July 27. GST Advertisements: Government Spent Rs 132 Crore To Spread Awareness on GST in Print, Outdoor Ads.
"The actual impact of the reduction of the rate of taxes would be observed only from next month (September)," the Finance Ministry had then said. Of the total gross revenue collected in September (for August), Rs 15,318 crore was collected as Central-GST (CGST), Rs 21,061 crore as state-GST (SGST) and Rs 50,070 crore as integrated-GST (IGST).
An additional Rs 7,993 crore was collected as cess, an official statement said. "The total number of GSTR-3B returns filed for August up to September 30 was 67 lakh," it said.
"The total revenue earned by the Central government and the state governments after the settlement is Rs 30,574 crore for CGST and Rs 35,015 crore for the SGST."
(The above story first appeared on LatestLY on Oct 01, 2018 03:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).