GST Collection in August Shows a 55% Decline

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The government revenue collection from GST for August stood at Rs 90,669 crore with only 55 percent traders having filed returns so far.

“The total revenue of Goods and Services Tax (GST) paid under different heads, up to September 25, is Rs 90,669 crore. The total number of tax payers who were required to file monthly returns for August is 68.20 lakh, of which, 37.63 lakh GSTR 3B returns have been filed,” Finance Ministry said in a statement.

The last date for payment of GST as well as filing of GSTR 3B return for the month of August was September 20.

“Out of the total GST collection for August, the Central GST revenue is Rs 14,402 crore, State GST revenue is Rs 21,067 crore, Integrated GST revenue is Rs 47,377 crore (of which IGST from imports in August is Rs 23,180 crore) and compensation cess is Rs 7,823 crore (of which Rs 547 crore is from imports),” it said.

The collection figures obviously do not include the GST to be paid by 10.24 lakh assessees who have opted for the composition scheme.

Additionally, there are still a number of assessees who have not filed their return either for July or August.

The revenue from GST is likely to increase as more taxpayers file returns in due course.

The GST was introduced on 1st of July, 2017.

“Many assessees have been filing the returns for July belatedly and till August 31, the total GST paid for July is Rs 94,063 crore,” it said.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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