New Delhi: Goods and Services Tax (GST) collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the COVID-19 lockdown that shut most businesses compounded tax collections in an already sluggish economy.
GST mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
In the last four months – November 2019-February 2020 – GST collections surpassed the Rs 1 lakh crore-mark. In February, mop-up was Rs 1.05 lakh crore, January (Rs 1.10 lakh crore), December (Rs 1.03 lakh crore) and November (Rs 1.03 lakh crore).
The number of GST returns filed during March was 76.5 lakh, lower than 83 lakh filed in February – reflecting poor compliance. “The gross GST revenue collected in the month of March, 2020 is Rs 97,597 crore of which CGST is Rs 19,183 crore, SGST is Rs 25,601 crore, IGST is Rs 44,508 crore (including Rs 18,056 crore collected on imports) and Cess is Rs 8,306 crore (including Rs 841 crore collected on imports),” a Finance Ministry statement said on Wednesday.
The government has settled Rs 19,718 crore to CGST and Rs 14,915 crore to SGST from IGST as regular settlement.
The Finance Ministry also said that GST revenues from domestic transactions have shown a negative growth of four per cent over March, 2019 due to the COVID-19 lockdown. Taking into account the GST collected from import of goods, the total revenue during March, 2020 has also decreased by eight per cent over March, 2019. During this month, the GST on import of goods has shown a negative growth of (-) 23 per cent as compared to March, 2019, the ministry added.
PTI
