One more time, GST collection in the month of August dropped below Rs 1 lakh crore recorded to Rs 98,202 crore.
This is the second time during this year that the revenue collection from the GST has slipped below the Rs 1 lakh crore mark. First, it happened in June when the collection was Rs 99,939 crore.
However, this collection in August, 2019 is up 4.51 per cent as compared to Rs 93,960 crore in the same month last year.
GST collection data for the month of August, 2019
The gross GST revenue in the month of August, 2019 is Rs 98,202 crore, which comprises,
Collection of CGST Rs 17,773 crore,
Collection SGST Rs 24,239 crore,
IGST is Rs 48,958 crore (including Rs 24,818 crore collected on imports) and
Cess is Rs 7,273 crore (including Rs 841 crore collected on imports)
The total number of summary returns in GSTR 3B forms filed in the month of July upto August 31 was 75.8 lakhs.
Gross GST collections during April-August stood at Rs 5,14,378 crore, up from Rs 4,83,538 crore in the corresponding period of the last fiscal. This shows a growth of 6.3 per cent during the five months of the current fiscal.
The CGST collection in 2018-19 was Rs 4.25 lakh crore, while compensation cess was over Rs 97,000 crore.
It was said that “With the start of festive season in the month of October consumption peaks up and hence collection would be higher. It has to be seen as to how October-December period pans out”.
A lower GST collection is set to strain government finances and make it difficult to meet fiscal target. Besides, the burden would increase on the Centre for compensating states for revenue shortfall.
In order to meet its fiscal target and also not to compensate states for losses, the government needs over Rs 1 lakh crore.
It compensates states once in every two months for the losses they incur in the first five years of the implementation of GST. The government has already transferred Rs 27,955 crore to the states in the form of compensation in June-July this year and Rs 17,789 crore in April-May.