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19-month low GST Revenue, stands at Rs. 91,916 crore in September 2019

August was considered as the lowest month of GST revenue collections whereas the September collection has broken the record of 19- month low GST revenue collection.Widening slowdown in economy sharply dropped the Goods and Services Tax (GST) collections to a 19-month low of Rs 91,916 crore in September, second straight month of decline in the GST collections.
The revenue during September 2019 declined by 2.67 percent in comparison to the revenue during September 2018.
The tax collections at Rs 91,916 crore in September was lower than Rs 98,202 crore collected in August and Rs 94,442 crore mop-up in the same month a year back.
However, it is expected an upturn in October on the back of increased demand during the festival season.
The gross GST collections comprised of Rs 16,630 crore collection through Central-GST (CGST), Rs 22,598 crore in State-GST and Rs 45,069 crore through Integrated-GST (IGST). As much as Rs 7,620 crore was collected as cess levied on luxury and sin goods.
India’s GDP slowed to more than six-year low of 5 percent in April-June, as a step to boost the economy, the government has cut down the corporate tax rate which would cost Rs 1.45 lakh crore.
During April-September, the GST collections recorded Rs 6.06 lakh crore. In comparison, tax collections in the same period of the previous fiscal were Rs 5.78 lakh crore.
Also, the government has settled Rs 21,131 crore to CGST and Rs 15,121 crore to SGST from IGST as regular settlement. The total revenue earned by the central government and the state governments after regular settlement in September 2019 is Rs 37,761 crore for CGST and Rs 37,719 crore for the SGST.

Author: Niranjan Reddy

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