BUSINESS

GST revenue touches Rs. 1.02 lakh crore in July

GST revenue crossed the one-lakh crore mark once again in July, coming in at Rs. 1,02,083 crore, the government announced on Thursday.

“The total gross GST revenue collected in the month of July 2019 is Rs. 1,02,083 crore, of which CGST is Rs. 17,912 crore, SGST is Rs. 25,008 crore, IGST is Rs. 50,612 crore and cess is Rs. 8,551 crore,” the government said in a release. “The total number of GSTR 3B Returns filed for the month of June up to July 31, 2019 is 75.79 lakh.” This is the third month out of four in this financial year in which collections have crossed Rs. 1 lakh crore. Collections stood at Rs. 99,939 crore in June.

The average collection this year so far is Rs. 1,04,044 crore, compared with the average of Rs. 98,114 crore for the full year 2018-19. “The revenue in July 2018 was Rs. 96,483 crore and the revenue during July 2019 is a growth of 5.8% over the revenue in the same month last year,” the release added.

“During April-July 2019 vis-à-vis 2018, the domestic component has grown by 9.2%, while the GST on imports has come down by 0.2% and the total collection has grown by 6.83%.”

“The GST collections for the month, despite being in excess of Rs. 1 trillion, would be matter of concern as this is lower than the Budget numbers. The collections need to be correlated with the economic situation as well,” said M.S. Mani, partner, Deloitte India.

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