- October 1, 2019
- Posted by: admin
- Category: Daily News
- In another indicator of economic slowdown, GST collection has dropped below INR1tr mark to INR919.16bn for Sep 19. The Sep 19 collection is believed to be the lowest in nineteen months.
- The revenue during Sep 19 has declined by 2.67% y/y. Between Apr 19 – Sep 19, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.90%.
- “The total gross GST revenue collected in Sep 19 was INR919.16bn of which Central GST (CGST) was INR166.30bn, State GST (SGST) was INR225.98bn, Integrated GST (IGST) was INR450.69bn (including INR220.97bn collected on imports) and Cess is INR76.20bn (including INR7.28bn collected on imports),” an official statement said.
- The government needs over INR1tr GST in order to meet its fiscal target and also to not compensate states for losses. It compensates states once in every two months for the losses they incur in the first five years of the implementation of GST.