GST Revenues Slip For Second Straight Month In August On Revenue Fall From Imports

For August month GST collections came in lower than the targeted level at Rs 86,449 crore. This is 88% of the GST revenue during the same month last year, said the Finance ministry. From domestic transactions, GST revenues in August have been 92% while that from goods imports it is at 77% as against the previous year's figures.

GST Revenues Slip For Second Straight Month In August On Revenue Fall From Imports

Of the overall GST collection, CGST is Rs 15,906 crore, SGST is Rs 21,064 crore, IGST is Rs 42,264 crore, and cess is Rs 7,215 crore.. Also, the centre has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as a regular practice. And after the adjustment, total CGST and SGST is at Rs. 34,122 crore and Rs. 35714 crore, respectively.

This is the second consecutive monthly dip in GST collection after July's GST revenue fall. "The collections in August 2020, though at 88 per cent of collections in August 2019 are still pretty decent, especially when you compare the dip in collections from July to August in 2019," said Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co. Also, the figure is seen to stabilize and may remain in this range on an average for at least next months.

State wise GST collection surged in Chattisgarh while declined the most in some others states including Delhi, West Bengal, Jharkhand, and Goa.

Worth mentioning here that taxpayers with turnover below Rs. 5 crore have been given a relaxation in GST return filing till the month of September.

GoodReturns.in