New Delhi: Goods and Services Tax (GST) collection in November dropped to less than Rs 1 lakh crore in the month of November, the Finance Ministry has said. Total amount collected was less than that of the previous month, it added.
GST collections stood at Rs 97,637 crore in November with the total number of GSTR 3B returns filed for October up to 30 November, stood at 69.6 lakh, the Finance Ministry said in a statement.
The statement from the Ministry revealed that of the Rs 97,637 crore collected, State GST (SGST) overtook the Central GST (CGST) collection. States pocketed Rs 23,070 crore as opposed to Rs 16,812 crore collected by the centre. Integrated GST (IGST) collections stood at Rs 49,726 crore (including Rs 24,133 crore collected on imports) and cess was at Rs 8,031 crore (including Rs 842 crore collected on imports).
Compensation released to States by the centre for August-September period, stood at Rs 11,922 crore. The government has settled Rs 18,262 crore to CGST and Rs 15,704 crore to SGST from IGST as regular settlement.
The total revenue earned by central government and the State governments after regular settlement in November is Rs 35,073 crore for CGST and Rs 38,774 crore for SGST, the Ministry added.
The GST collections stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September and Rs 1,00,710 crore in October.
Global brokerage CLSA pointed out that from January to August, GST collections were 13 per cent below the budgeted Rs 1.12 trillion per month average.
The Modi government had last fiscal estimated revenues from GST to be pegged at over Rs 4.44 trillion, while for the current fiscal it is expected to be Rs 7.43 trillion.
| Shortfall |
| A report put out by the State Bank of India’s research wing recently, expected a shortfall of “around Rs 900 billion in GST and excise collections”. Out of this, Rs 105 billion is on account of recent reduction in petrol taxes.
The SBI report reckons that it could result in a federal spending cut of nearly Rs 700 billion, or one-fourth of projected capital expenditure for 2018-2019. This, it notes, would be twice the Rs 360 billion cut in capital spending that the Centre carried out in 2017-2018 in order to make sure the fiscal deficit didn’t cross 3.5 per cent of gross domestic product. |