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GST mop-up in March slips to Rs 97,597 crore

Date: 02-04-2020
Subject: GST mop-up in March slips to Rs 97,597 crore
GST collections in March slipped to Rs  97,597 crore, according to figures released by the Finance Ministry on April 1.

GST mop-up for February stood at Rs 1.05 lakh crore.

March Central GST mop-up stood at Rs 19,183 crore, compared to Rs 20,569 cr in February.

"The lower than budgeted GST collections could be on account of the overall sluggishness in the economy in the past few months. As these figures relate to the transactions in February, they may not have been influenced by the lockdown, whose impact may be visible next month," said MS Mani, Partner, Deloitte India.

The government said it has settled Rs 19,718 crore to CGST and Rs 14,915 crore to SGST from IGST as regular settlement and the Centre has also apportioned unsettled balance IGST of Rs. 6000 crore on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs.

The total revenue earned by central government and the state governments after regular settlement in the month of March, 2020 is Rs 41,901 crore for CGST and Rs 43,516 crore for the SGST, it said.

The GST revenues during the month of March, 2020 from domestic transactions has shown a negative growth of 4 percent over the revenue during the month of March, 2019.

Taking into account the GST collected from import of goods, the total revenue during March, 2020 has also decreased by 8 percent in comparison to the revenue during March, 2019. During this month, the GST on import of goods has shown a negative growth of around 23 percent as compared to March, 2019.

For the full financial year 2019-20, the GST for domestic transaction has shown a growth rate of 8 percent over the revenues during last year. During the year, GST from import on goods fell down by 8 percent as compared to last year. Overall, gross GST revenues grew at 4 percent over the last year's GST revenue.

"The economy has been deeply impacted by the ongoing pandemic. The economy has always shown resilience. Once we emerge from this trying period, GST collections can be expected to be buoyant once again," said Saloni Roy, Senior director, Deloitte India.

Source:- moneycontrol

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