GST revenue collection in July up 5.8% at Rs1,02,083 crore
02 Aug 2019
1
Gross revenue collected by way of Goods and Services Tax (GST) in July 2019 stood at Rs1,02,083 crore. This included Central GST of Rs17,912 crore, state GST of Rs25,008 crore and integrated GST of Rs50,612 crore (including Rs24,246 crore collected on imports) and cess of Rs8,551 crore (including Rs797 crore collected on imports).
The total number of GSTR 3B returns filed for the month of June (up to 31 July 2019) stood at 7.58 million.
GST revenue so far collected during July 2019 shows a 5.80 per cent mark-up from the Rs96,483 crore revenue collected during July 2018.
During April-July 2019 vis-à-vis 2018, the domestic component of GST has grown by 9.2 per cent while the GST on imports has come down by 0.2 per cent and the total collection has grown by 6.83 per cent.
An amount of Rs17,789 crore has been released to the states as GST compensation for the months of April-May 2019.
This is the third time the combined central and state GST receipts crosses Rs1 lakh crore mark so far this fiscal. The union government is bound to compensate states for any shortfall in their revenue collection below an agreed 14 per cent annual growth in the first five years of GST regime.
Tax collected in July pertain to the transactions in June. After showing a 10 per cent annual growth in April GST receipts, collections remained range bound between 6.6 and 5.8 per cent in subsequent months.
The GST shortfall could make the union government more dependent on cesses and surcharges on various taxes to find resources for compensating states for their revenue shortfall.
According to the Controller General of Accounts (CGA), central government’s gross tax revenue in the June quarter grew at a slow pace of 2.7 per cent to Rs1,86,000 crore from the year ago period.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
