The Telegraph India |
August GST kitty dips
New Delhi: The collection of goods and services tax dropped to Rs 93,960 crore in August from Rs 96,483 crore in the previous month as consumers may have deferred their purchases after the GST Council announced a reduction in tax rates in end-July. Revenues collected in June was Rs 95,610 crore. ALSO LIKE OUR FACEBOOK PAGE: https://www.facebook.com/latestgstnews/ The total number of GSTR (goods and services tax returns) 3B filed for the month of July up to August 31, 2018, was 67 lakh. This is slightly higher than 66 lakh for the month of June, filed up to July 31, 2018, the finance ministry said in a statement. Explaining the reasons for the dip, the ministry said one of the main factors was the probable postponement of sale of items for which tax rates were cut by the GST Council in its meeting on July 21. The rate cut took effect on July 27. "Since it would have taken some time for the market to pass on the benefit of reduced taxes, consumers could have deferred their decision to get the benefit. The actual impact of the reduction of the rate of taxes would be observed only from next month onwards as the rate of reduction would have got effected only in the last few days of the month," the ministry said. Even last year's trend of indirect tax collection showed that while July collections were at 8.2 per cent of the total annual collections, August collections were at a lower level of 7.7 per cent. Also the last date of filing the return for July 2018 in Kerala was extended up to October 5, 2018 in view of the flood. Giving the break-up, the ministry said the gross GST revenue collected in August 2018 is Rs 93,960 crore, of which CGST is Rs 15,303 crore, SGST is Rs 21,154 crore, IGST is Rs 49,876 crore (including Rs 26,512 crore collected on imports) and cess is Rs 7,628 crore (including Rs 849 crore collected on imports). The total revenue earned by the central and the state governments after settlement, including provisional settlement of Rs 12,000 crore in August 2018 is Rs 36,963 crore for CGST and Rs 41,136 crore for SGST. For the two months of June and July, compensation of Rs 14,930 crore has been released to the states. The ministry said the filing of income tax returns till August 31 saw an upsurge of 71 per cent compared with the corresponding period in the preceding year. |
source:- The Telegraph India
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