GST collection dips to Rs 97,247 crore in February 2019

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(Last Updated On: March 2, 2019)
The government has settled Rs 19,470 crore to CGST and Rs 15,747 crore to SGST from IGST as a regular settlement.

NEW DELHI: After crossing the Rs 1.02 lakh crore mark in January, Goods and Services Tax (GST) collection dropped to Rs 97,247 crore in February, on account of reduction in tax rates on 23 goods and services.

“The total gross GST revenue collected in February 2019 is Rs 97,247 crore, of which Central GST (CGST) is Rs 17,626 crore, State GST (SGST) is Rs 24,192 crore, Integrated GST (IGST) is Rs 46,953 crore and cess is Rs 8,476 crore,” the Finance Ministry said in a statement.

The GST collection for February 2019, is 13.12 per cent higher than Rs 85,962 crore mopped up in February 2018. The GST collections in the current fiscal till February have totalled Rs 10.70 lakh crore.
As the taxmen continued crackdown on GST evasion, compliance improved and the number of sales returns (or GSTR-3B) filed for the month of January up to February 28, 2019, stood at 73.48 lakh, marginally higher than 73.3 lakh returns filed in January.

The government has settled Rs 19,470 crore to CGST and Rs 15,747 crore to SGST from IGST as a regular settlement.

The total revenue earned by the Centre and state governments after regular settlement in February are Rs 37,095 crore for CGST and Rs 39,939 crore for SGST.

The GST Council had, in its meeting on December 22, 2018, rationalised the 28 per cent slab and restricted the highest slab to luxury, demerit and sin goods, besides cement, large-screen television, air conditioners and dishwashers. It had also reduced GST on 23 goods and services, including movie tickets, with effect from January 1.

“While the GST collections are in line with the average collection in this financial year, it has witnessed a slight dip vis-a-vis the previous month; a possible reason being the impact of rate rationalisations effective from January,” said Abhishek Jain, Tax Partner, Ernst & Young.

Target reset

The Central government has lowered the GST collection target for the current fiscal to I11.47 lakh crore in the Revised Estimates, from I13.71 lakh crore budgeted initially. The GST collection target set for the next fiscal (FY2019-20) is I13.71 lakh crore.

Source: http://www.newindianexpress.com/business/2019/mar/02/gst-collection-dips-to-rs-97247-cr-in-february-2019-1945508.html

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