GST Collections Slip Below Rs 1 Lakh Crore in August, Second Decline in Year Amid Economic Slowdown
The Goods and Services Tax (GST) collections for August 2019 slipped below Rs 1 lakh crore to Rs 98,202 crore, the second time during this year, post-economic slowdown. Earlier, the GST collections for July crossed Rs 1 lakh crore and was recorded at Rs 1.02 lakh crore.
New Delhi, September 1: The Goods and Services Tax (GST) collections for August 2019 slipped below Rs 1 lakh crore to Rs 98,202 crore, the second time during this year, announced the Department of Revenue on Sunday. The GST collection, although higher on a year-on-year basis, is still lower than the government's expectations of Rs 1 lakh crore. Earlier, the GST collections for July crossed Rs 1 lakh crore and was recorded at Rs 1.02 lakh crore. Nirmala Sitharaman Dismisses Manmohan Singh's Comments on Economic Slowdown & Job Cuts, Says 'Govt Willing to Hear Sectors That Need Support'
Announcing the minutes of the collections, the Union Finance Ministry stated, "The gross GST revenue in the month of August, 2019 is Rs 98,202 crore of which CGST is Rs 17,773 crore, SGST is Rs 24,239 crore, IGST is Rs 48,958 crore (including Rs 24,818 crore collected on imports) and cess is Rs 7,273 crore (including Rs 841 crore collected on imports)."
Adding on, the ministry stated, "Total number of GSTR 3B Returns filed for July up to 31 Aug, 2019 is 75.80 lakhs. The total revenue earned by Central Government & State Governments after regular settlement in the month of August, 2019 is Rs 40,898 crores for CGST and Rs 40,862 crore for the SGST." Manmohan Singh Blames 'Mismanagement' by Modi Government For Economic Slowdown, Urges Centre to Shun Vendetta Politics
Apart from this, the Union Finance Ministry also stated that the total number of summary returns in GSTR 3B forms filed in July upto August 31 was 75.8 lakhs. However, tax experts believe that the decline in the collection is due to the seasonality factor and hence may not be considered a reflection of consumption slowdown. It is to be known that that GST collection is 4.5 per cent higher than the Rs 93,960 crore collected in the same month last year. GDP Growth Slips to 5% in April-June Quarter, Down From 5.8% in Q4 of Last Financial Year
Also, experts opine that the collections may pace up from October with the onset of the festive season. The latest information was released merely a couple of days after the date was announced, which slipped to 5 (five) percent. Following this, the opposition attacked the ruling dispensation and stated that they have allegedly 'ruined' the Indian economy. Nirmala Sitharaman Announces Bank Recap Plan After Meeting PSU Chiefs: Key Highlights
In the meantime, Income Tax returns filing reached a record level, where over 49 lakh people filed ITR. Informing more Central Board of Direct Taxes (CBDT) said, "On 31st Aug 2019, the peak filing rate per second was at 196 ITRs and peak filing rate per minute was at 7447 ITRs, while peak filing rate per hour was at 3,87,571 ITRs."
(The above story first appeared on LatestLY on Sep 01, 2019 05:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).