GST collections rise marginally to Rs 1.02 lakh crore in July

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Revenue collection from the Goods and Services Tax (GST) had slipped below the Rs 1 lakh crore mark for the first time in the current fiscal in June at Rs 99,939 crore.

Gross GST collections stood at Rs 1.02 lakh crore in July, marginally up from the previous month, official data showed on August 1. The July 2019 mop-up was, however, 5.8 per cent higher than the Rs 96,483 crore collected in the same month last year.

Revenue collection from the Goods and Services Tax (GST) had slipped below the Rs 1 lakh crore mark for the first time in the current fiscal in June at Rs 99,939 crore.

Central GST collections stood at Rs 17,912 crore, State GST Rs 25,008 crore, and Integrated GST Rs 50,612 crore (including Rs 24,246 crore collected on imports) during July this year, a statement said.

It further said cess collection stood at Rs 8,551 crore (including Rs 797 crore collected on imports).

The number of GSTR 3B Returns (summary of self-assessed return) filed for the month of June up to end-July totalled 75.79 lakh.

As per the statement, Rs 17,789 crore has been released to the states as GST compensation for April-May, 2019.

The gross GST collections during April-July stood at Rs 4,16,176 crore, up from Rs 3,89,568 crore in the corresponding period of the last fiscal.

GST, which was introduced two years ago, has subsumed most of the indirect taxes.

Source : https://www.moneycontrol.com/news/business/economy/gst-collections-rise-marginally-to-rs-1-02-lakh-crore-in-july-4279961.html

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