New Delhi: The Goods and Service Tax (GST) collection in September declined to Rs.91,916 crore, as against Rs.98,202 crore in the preceding month, as per government data released on Tuesday. GST collections dropped sharply to a 19 month low of Rs.91,916 crore in this previous month, mirroring a widening slowdown in economy triggered by shrinking consumer demand.
The revenue collection in the same month a year ago stood at Rs 94,442 crore. This is the second straight month of decline in the GST collections, according to official data released by the Finance Ministry.
“The total gross GST revenue collected in the month of September 2019 is 91,916 crore of which CGST is Rs 16,630 crore, SGST is Rs 22,598 crore, IGST is Rs 45,069 crore (including Rs 22,097 crore collected on imports),” the finance ministry said in a release. It further said the total number of GSTR-3B returns (summary of self-assessed return) filed for the month of August (up to September 30) was 75.94 lakh.
The revenue during September declined by 2.67 percent in comparison to the revenue collected in the same month a year ago, the release said. During April-September, the domestic component has grown by 7.82 percent, while the GST on imports has shown negative growth and the total collection has grown by 4.90 percent, it added.
The lower indirect tax collection is set to put further pressure on government finances. With the government already committed to scaling up public spending to boost the sagging economy, lower GST collction could change its fiscal maths. By lowering corporate tax it has already taken a big bet.