GST Collections Remain Subdued At Rs 95,380 Cr In Oct
IRA JHA
NEW DELHI : GST collections came in at Rs 95,380 crore in October, down 5.29 per cent from Rs 1,00,710 crore in the same month last year, as per government data released on Friday.
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season. Revenue collection from GST in September stood at Rs 91,916 crore.
Central GST (CGST) collections stood at Rs. 17,582 crore, State GST (SGST) collections came in at Rs. 23,674 crore and Integrated GST (IGST) came in at Rs. 46,517 crore (including Rs. 21,446 crore collected on imports), according to press release issued by the Finance Ministry.
“During April-October 2019 compared with 2018, the domestic component has shown 6.74 per cent growth while the GST on imports has shown negative growth and the total collection has grown by 3.38 per cent,” Finance Ministry said.
Total number of GSTR 3B returns (summary of self-assessed return) filed for the month of September (up to October 30) was 73.83 lakh. The total revenue earned by the central and the state governments after regular settlement in October was Rs 38,224 crore for CGST and Rs 37,645 crore for SGST.
Commenting on the data, traders’ body CAIT said lower tax collections should not be assumed to be an indicator of economic slowdown. This lower GST collection is a result of a major chunk of offline sales shifting to the e-commerce companies which recently concluded their festive season sales, it alleged.
Revenue from Goods and Services Tax fell 5.3 per cent year-on-year to Rs. 95,380 crore in October. However, on a monthly basis the revenue from GST rose 3.76 per cent from Rs. 91,916 crore in September, official data released by Ministry of Finance showed.
(With Agency Inputs ).
