GST collection drops to ₹ 97,247 cr in February

New Delhi | Updated on March 01, 2019 Published on March 01, 2019

Experts say the fall could be due to the impact of rate rationalisation

Goods and Services Tax (GST) collections dipped to ₹97,000 crore in February, as against over ₹1 lakh crore in January.

With this, the possibility of a shortfall in Budget Estimates has gone up. Initially it was estimated that monthly collections could be in the range of ₹1-1.10 lakh crore. However, during the current fiscal there have been only three instances when monthly collections have touched or crossed ₹1 lakh crore.

Less number of days in February could be the reason for lower collections. Finance Ministry officials are confident that mobilisation will increase in the current month.

According to a Ministry statement, the total gross GST revenue collected in the month of February was ₹97,247 crore of which CGST (Central Goods and Services Tax) was ₹17,626 crore, SGST (State Goods and Services Tax) was ₹24,192 crore, IGST (Integrated Goods and Services tax) was ₹46,953 crore (including ₹21,384 crore collected on imports) and cess was ₹8,476 crore (including ₹910 crore collected on imports).

Number of returns

The total number of GSTR 3B returns filed for the month of January up to February 28 is 73.48 lakh. The government has settled ₹19,470 crore to CGST and ₹15,747 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of February is ₹37,095 crore for CGST and ₹39,939 crore for the SGST. The revenue in February last year was ₹85,962 crore, and the revenue during February this year is a growth of 13.12 per cent over the revenue in the same month last year.

Commenting on the latest trend, MS Mani, Partner at Deloitte India, said the marginal drop in the February GST collections compared to January could be on account of the full-month effects of the earlier rate reductions.

Published on March 01, 2019

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.