GST Collection at 6 Month Low in August

As per the data published by PIB (Press Information Bureau) the total gross GST revenue collected in the month of August, 2019 is ₹ 98,202 crore of which CGST is ₹ 17,733 crore, SGST is ₹ 24,239 crore, IGST is ₹ 48,958 crore (including ₹ 24,818 crore collected on imports) and Cess is ₹7,273 crore (including ₹841 crore collected on imports). 
The total number of GSTR 3B Returns filed for the month of July up to 31st August, 2019 is 75.80 lakh.
The government has settled ₹ 23,165 crore to CGST and ₹ 16,623 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of August, 2019 is ₹ 40,898 crore for CGST and ₹ 40,862 crore for the SGST.
The revenue in August, 2018 was ₹ 93,960 crore and the revenue during August, 2019 is a growth of 4.51%over the revenue in the same month last year. During April-August, 2019 vis-à-vis 2018, the domestic component has grown by 9.11%while the GST on imports has come down by 1.43% and the total collection has grown by 6.38%. During the month of August, 2019, the due date of filing returns was extended by a month in 58 districts in 7 States due to floods.
Rs. 27,955 crore has been released to the states as GST compensation for the months of June-July, 2019.


Stay tuned for more updates. Feel free to comment.

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You may also like to Read:
The Bimal Jalan Committee Recommendations and Application by the RBI
https://politoeconomy.blogspot.com/2019/09/the-bimal-jalan-committee.html

 GDP Growth for Q1 2019-20 slips to 6 Year Low | Slowdown Deepens
https://politoeconomy.blogspot.com/2019/08/gdp-growth-for-q1-2019-20-slips-to-6.html

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