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GST Collections Rise In July, Inch Towards Rs 1 Lakh Crore Mark
An Indian consumer goods trader shows letters GST representing ‘goods and services tax’. (NOAH SEELAM/AFP/Getty Images)
Monthly Goods and Services Tax (GST) collections are slowly inching back towards the Rs 1 lakh crore mark rising from Rs 95,610 crore in June to Rs 96,500 crore in July, Business Standard has reported. For July, central GST collection stood close to Rs 15,900 crore, while state GST collections stood at Rs 22,290 crore, with integrated GST being Rs 49,950 crore. Cesses led to a collection of Rs 8,360 crore in taxes.
GST collections, however, are predicted to fall in coming months because of tax reduction on close to 100 items. The government is expecting a reduction in collections to the tune of Rs 8,000-9,000 crore because of rate cuts on a host of items including televisions, refrigerators and cosmetics.
Data released by Finance Ministry also said that the state GST collections had increased by 14 percent (year-on-year). Total GST collections had earlier touched the Rs 1 lakh crore mark in April 2018.
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