Economy

At ₹97,597 cr, GST mop-up dips 8% in March

Our Bureau New Delhi | Updated on April 01, 2020 Published on April 01, 2020

Covid-19 effect; dip in revenues from domestic transactions, imports to blame

Gross GST (Goods & Services Tax) collection at ₹97,597 crore in March was 8 per cent lower compared to the same period last year.

However, for 2019-20 as a whole, the gross GST collection was nearly 4 per cent higher than in 2018-19. Also, the total collection was higher than the revised estimate of over ₹11.26-lakh-crore and budget estimate of over ₹11.89-lakh-crore, the Finance Ministry said on Wednesday.

The Finance Ministry said the GST revenues from domestic transactions in March showed a negative growth of 4 per cent compared to March 2019. The GST on import of goods saw a negative growth of 23 per cent compared to March 2019. For the full fiscal, the GST from import of goods fell by 8 per cent compared to last year.

According to Abhishek Jain, Tax Partner at EY, no significant dip in GST collections this month is encouraging, particularly with the numbers expected to reduce in the coming months. “With most businesses being non-operational for a considerable period in March and the relaxation of delayed payments being allowed, the collections in the coming quarter would see quite a fall,” he said.

The Ministry said the total number of GSTR-3B returns filed for February-March 31 was 76.5 lakh. The government has settled ₹19,718 crore to CGST and ₹14,915 crore to SGST from IGST as regular settlement. In addition, the Centre has apportioned the unsettled balance IGST of ₹6,000 crore on ad-hoc basis in the ratio of 50:50 between the Centre and the States/UTs. The total revenue earned by the Central and State governments after regular settlement in March is ₹41,901 crore for CGST and ₹43,516 crore for SGST.

 

State-wise collection

Six States — Haryana, Gujarat, Karnataka, Punjab, Tripura and Meghalaya — recorded a positive growth during March while other States and Union Territories (with Assembly) showed negative growth. Combining all States and UTs (with Assembly), the collection declined by 4 per cent in March while for fiscal year, as a whole, it grew by 8 per cent.

Published on April 01, 2020

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