Updated: September 2, 2020 10:14:07 am
The Goods and Services Tax collected in August, which pertains largely to transactions conducted in July, came in at Rs 86,449 crore, 12 per cent lower than the amount collected in the year-ago month, the government said on Tuesday. GST collections in July had come in at Rs 87,422 crore, or 86 per cent of the collection in the corresponding month a year ago.
While the first quarter GST collection in FY21 was only 59 per cent of the same period last year, the collection improved to nearly 70 per cent in April-July period compared with the corresponding period a year ago.
GST collections had nosedived to a record low of Rs 32,294 crore in April, which was down 72 per cent on year, owing to the lockdown. After regular settlement of integrated GST, revenue earned by Central government and the state governments after regular settlement are Rs 34,122 crore and Rs 35,714 crore respectively.
To put the state GST collection in perspective, the monthly protected revenue for all states combined is Rs 63,800 crore. The GST comprises Centre and state components and is applied on the same base of transactions.
The cess collection for August came in at Rs 7,215 crore.
The central government has estimated that this deficit for states against their protected revenue is likely to be Rs 3 lakh crore for the current fiscal, which after adjusting for estimated annual cess collection of Rs 65,000 crore, is seen at Rs 2.35 lakh crore. This estimate roughly assumes the gross GST mop-up/month in August-March period at roughly Rs 90,000 crore.
During August, the revenues from import of goods were 77 per cent and the revenues from domestic transaction (including import of services) were 92 per cent of the revenues from these sources during the same month last year, the government said. —FE
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