GST collections drop to Rs 97,247 cr in Feb; price cuts may additionally have hit mop-up

GST collections in February dropped to Rs 97,247 crore from Rs 1.02 lakh crore inside the previous month, the Finance Ministry stated on Friday.

But, compliance advanced and the quantity of sales return or GSTR-3B filed for the month of January as much as February 28, 2019 stood at s73.48 lakh. this is higher than 73.3 lakh returns filed in January.

“The entire gross GST sales collected in February 2019 is Rs 97,247 crore of which primary GST is Rs 17,626 crore, nation GST (SGST) is Rs 24,192 crore, incorporated GST (IGST) is Rs 46,953 crore and Cess is Rs 8,476 crore,” the Ministry stated in a statement.

The GST collection for February, 2019, is 13.12 in line with cent higher than Rs 85,962 crore mopped-up in February, 2018.

The government has settled Rs 19,470 crore to CGST and Rs 15,747 crore to SGST from IGST as ordinary agreement.

The whole sales earned through the Centre and State Governments after ordinary agreement in February is Rs 37,095 crore for CGST and Rs 39,939 crore for SGST.

Tax professionals attributed the motive for dip in GST mop-up figures for February to the reduction in tax prices on 23 goods and offerings, along with movie tickets, tv, strength banks and display screen, with impact from January 1.

The goods on which GST has been reduced to 18 according to cent from 28 consistent with cent consist of pulleys, transmission shafts and cranks, tools packing containers, retreaded or used tyres, energy banks of lithium-ion batteries, digital cameras, video digital camera recorders and video game consoles.

“Even as the GST collections are in step with the common collection on this economic yr, it has witnessed a mild dip vis-a-vis the previous month; a possible purpose being the impact of fee rationalizations powerful January”.

The GST Council in its December 22, 2018, assembly rationalised the 28 according to cent slab and limited the highest slab to luxurious, demerit, and sin goods, except cement, massive screen television, Air Conditioners and dishwashers.

items and services Tax (GST) collections inside the current fiscal till February totalled Rs 10.70 lakh crore.
The authorities has diminished the GST collection goal for the cutting-edge economic to Rs 11.47 lakh crore inside the Revised Estimates, from Rs 13.71 lakh crore budgeted initially.

GST series stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in may also, Rs 95,610 crore in June, Rs ninety six,483 crore in July, Rs ninety three,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October, Rs ninety seven,637 crore in November, Rs 94,725 crore in December 2018 and Rs 1.02 lakh crore in January 2019.