GST collection drops 5.29% to Rs95,380 crore in October
01 November 2019
Government’s gross revenue collected by way of Goods and Services Tax (GST) in October2019 stood at Rs95,380 crore, which includes Central GST of Rs17,582 crore, State GST of Rs23,674 crore, Integrated GST of Rs46,517 crore (including Rs21,446 crore collected on imports) and cess of Rs7,607 crore (including Rs774 crore collected on imports).
The lower GST collection reflects lower import demand amidst an overall economic slowdown. The GST collection had fallen 19-month low to Rs91,916 crore in the month of September.
GST revenue during October 2019 declined by 5.29 per cent in comparison with the revenue collected during October 2018. However, during April-October 2019, the domestic component has shown 6.74 per cent growth compared to that in April-October 2018 while the GST on imports has shown negative growth and the total collection has grown by 3.38 per cent.
The total number of GSTR 3B returns filed for the month of September up to 31 October 2019 stood at 7.38 million.
The central government has transferred Rs20,642 crore to CGST and Rs13,971 crore to SGST from IGST as regular settlement. The total revenue earned by the central and the state governments after regular settlement in October 2019 amounted to Rs38,224 crore for CGST and Rs37,645 crore for SGST.
The monthly GST collection has fallen despite October being festive season and government announcing a slew of measures to boost the economy.