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  Business   In Other News  02 Oct 2018  GST mop up rises to Rs 94,442 crore

GST mop up rises to Rs 94,442 crore

THE ASIAN AGE.
Published : Oct 2, 2018, 12:29 am IST
Updated : Oct 2, 2018, 12:29 am IST

The collections stood at Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July and Rs 93,960 crore in August.

Recently, the government had cut GST on a number of products which could have impacted its collection. (Representational image)
 Recently, the government had cut GST on a number of products which could have impacted its collection. (Representational image)

New Delhi: The GST collections in September jumped marginally to Rs 94,442 crore  from Rs 93,960 crore in August bringing some relief to the government.

Going forward, collections are expected to rise further due to higher sales in the festive season.

Recently, the government had cut GST on a number of products which could have impacted its collection.

Finance ministry said that total number of GSTR 3B returns filed for the month of August up to 30th September, 2018 is 67 lakh.

“The total gross GST revenue collected in the month of September, 2018 is Rs 94,442 crore of which CGST is Rs 15,318 crore, SGST is Rs 21,061 crore, IGST is Rs 50,070 crore (including Rs 25,308 crore collected on imports) and cess is Rs 7,993 crore (including Rs 769 crore collected on imports),” said finance ministry in a statement.  

It said that the total revenue earned by Central government and the State governments after settlement in the month of September, 2018 is Rs 30,574 crore for CGST and Rs 35,015 crore for the SGST.

The September revenue collections reflect the purchase and sales activities conducted in the month of August.

Effective July 27, the GST Council cut rates on 88 items, including sanitary napkins, fridge, small screen TV, washing machine, footwear, among others. Only 35 items were left in the highest tax bracket of 28 per cent after the rate cut.

The finance ministry  has targeted monthly GST collections of Rs 1 lakh crore for this fiscal, but the actual number has fallen short of the target month after month.

The sole exception was the month of April in which the numbers exceeded Rs 1 lakh crore.

The collections stood at Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July and Rs 93,960 crore in August.

Tags: gst, gst council