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GST Collection Up 4.51 Per Cent In August At Rs 98,202 crore, Year To Month Collections Up By 9.11 Per Cent
GST is a great reform, but answers to future challenges lie within the system itself. (NOAH SEELAM/AFP/Getty Images)
The gross goods and services tax (GST) collection in August 2019 stood at Rs 98,202 crore, up 4.51 per cent compared to Rs 93,960 crore in the same month last year.
The total gross GST revenue collected in the month of August 2019 is Rs 98,202 crore of which CGST is Rs 17,733 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). The total number of GST filings for the month ending 31 August stood at 75.80 lakh.
During the April-August period in 2019 vis-à-vis the same period in 2018, the domestic component has grown by 9.11 per cent while the GST on imports has come down by 1.43 per cent. The total collection has witnessed a growth of 6.38 per cent.
The indirect tax collection in the month of August is typically subdued due to the seasonality factor and it remains to be seen if it is a reflection of consumption slowdown. Even during the last financial year, the GST collection figure picked up from the month of October with the onset of the festive season.
While presenting the Union Budget on 5 July, Finance Minister Nirmala Sitharaman pegged the centre's share of Goods & Services Tax (GST) collection in the Union Budget at Rs 6.63 lakh crore for FY20, up from last year’s revised collections of Rs 6.43 lakh crore in FY19.
The total mop-up from the indirect tax was pegged at over Rs 7.61 lakh crore for 2019-20 in the Interim Budget presented this February.
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