Published 19:09 IST, September 1st 2020
GST revenue at Rs 86,449 crore in August, down 12% from same month last year
The gross revenue from Goods and Services Tax (GST) in August dipped to Rs 86,449 crore from the previous month's Rs 87,422, data released by Govt shows
The gross revenue from Goods and Services Tax (GST) in August dipped to Rs 86,449 crore from the previous month's Rs 87,422, data released by the Union Finance Ministry revealed on Tuesday. Last month's collection is 88% of the GST revenues in the same month last year.
Of the August revenue, Rs 15,906 crore has been collected under CGST, Rs 21,064 crore under SGST, Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) under IGST and Rs 7,215 crore (including Rs 673 crore collected on import of goods) as Cess, the government said.
The government has settled Rs 18,216 crore to CGST and Rs 14,650 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 August is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST.
The Ministry said during the month, revenues from the import of goods were 77% and those from domestic transactions (including import of services) were 92% of the revenues from these sources during the same month last year. It highlighted that taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in the filing of returns till September.
(The chart shows trends in monthly gross GST revenues during the current year. Image: Ministry of Finance)
The latest figures add to another worry for Modi government that is facing the triple whammy of record economic contraction, falling revenues, and rising inflation. The Indian economy contracted by a record 23.9% in the first quarter(April-June) of 2020, GDP estimates released on Monday revealed.
The Centre and non-BJP-ruled states are at loggerheads over the financing of the Rs 2.35 lakh crore GST shortfall in the current fiscal. Of this, as per Centre's calculation, about Rs 97,000 crore is on account of GST implementation and rest Rs 1.38 lakh crore is the impact of COVID-19 on states' revenues.
The Centre last week gave two options to states to borrow either from a special window facilitated by the Reserve Bank of India or from the market and has also proposed extending the compensation cess levied on luxury, demerit and sin goods beyond 2022. States have vehemently opposed both the proposals and wants the Centre to borrow and then distribute funds among them.
Updated 19:09 IST, September 1st 2020