New Delhi: Goods and Services Tax (GST) collection in March fell below the level of Rs 1 lakh crore for the first time in the last four months, due to the stagnation of companies due to Corona virus epidemic amid the already slowing economy.
GST in March generated a revenue of just Rs 97,597 crore. It is 8.4 percent lower than Rs 1.06 lakh crore in March 2019. Earlier GST was Rs 1.05 lakh crore in February, Rs 1.10 lakh crore in January, 1.03 in December. Lakh crore rupees and in November revenue of 1.03 lakh crores was received.
76.5 lakh GST returns were filed in March, while 83 lakh returns were filed in February. This shows that there have been deficiencies in GST compliance in March. The Finance Ministry said in a statement on Wednesday, “Out of the total GST collection of Rs 97,597 crore in March 2020, the central GST share was Rs 19,183 crore. Similarly, the state GST collection stood at Rs 25,601 crore. The unified GST collection stood at Rs 44,508 crore, of which Rs 18,056 crore came from the duty on imports. ”
The government released Rs 19,718 crore from the integrated GST to the Central GST under regular settlement and Rs 14,915 crore under the state GST. After the GST settlement, in March 2020, the central government and state governments received revenue of Rs 41,901 crore and Rs 43,516 crore respectively.
The ministry said that GST revenue from domestic transactions declined by four percent in March. If GST on import goods is also included in this, the total revenue in March 2020 has been reduced by eight percent compared to the same month a year ago. GST revenue from imports fell by 23 percent in March and eight percent in the entire financial year.
At the same time, the GST received from domestic transactions in the entire financial year 2019-20 has increased by eight percent over the previous year. While GST on imported goods during the year fell by eight percent compared to the previous year, overall GST revenue has increased by four percent over the previous year.