GST Collection Breaches Rs 1 Lakh Crore Mark For Third Time In First Four Months Of FY20

The collections from the Goods and Services Tax (GST) reached more than Rs 1.02 lakh crore in the month of July, reports The Hindu BusinessLine. Barring June, the revenue collected through GST during the current fiscal year has been over Rs 1 lakh crore.

“The total gross GST revenue collected in the month of July 2019 is Rs 1,02,083 crore of which CGST is Rs 17,912 crore, SGST is Rs 25,008 crore, IGST is Rs 50,612 crore (including Rs 24,246 crore collected on imports) and Cess is Rs 8,551 crore (including ₹797 crore collected on imports),” said a statement by Ministry of Finance.

The total number of GSTR 3B Returns filed for June up to 31 July 2019 is 75.79 lakh, added the statement.

The collection in the July is around 6 per cent more than in the corresponding month of the last financial year. While the domestic component in 2019 April-June quarter grew by 9.2 per cent compared to the corresponding period last fiscal, the GST on imports came down by 0.2 per cent. The total collection for the period grew by 6.83 per cent.

Out of the total collection, Rs 17,789 crore has been released to the States as GST compensation for the first two months of the current fiscal year, the statement said.

As per the report, the collections rose despite the slowing down of the industrial activity. While the automobile sector has been in slow lane for almost a year, the core sector, including steel, cement and electricity that make up over 40 per cent of the index of industrial production, slowed down a 50-month low in June.

The growth in revenue collection, as per the Finance Ministry officials, could be a result of the anit-evasion measures taken by the government.