GST collections have crossed Rs 1 lakh crore mark for the third month in a row in January 2020. GST collection recorded in January 2020 is likely to be between Rs 1.08 lakh crore to Rs 1.13 lakh crore.
GST collections have crossed Rs 1 lakh crore mark for the third month in a row in January 2020. GST collection recorded in January 2020 is likely to be between Rs 1.08 lakh crore to Rs 1.13 lakh crore, CNBC TV-18 reported unidentified sources as saying. After the collections rose to over Rs 1 lakh crore in November, this is the third time that collections have swollen. Previously, the gross GST revenue collected in December 2019 stood at Rs 1,03,184 crore, government data showed. This was a 9% on-year jump in goods and services tax collections as in December 2018, the GST collection stood at Rs 97,276 crore.
Out of Rs 1.03 lakh crore collected last month, the CGST collection was at Rs 19,962 crore; SGST stood at Rs 26,792 crore; IGST was at Rs 48,099 crore and cess was at Rs 8,331 crore (including Rs 847 crore collected on imports), a statement by the government said. The collections were highest from Maharashtra among Indian states, followed by Karnataka. However, even with collection over one lakh crore for the last three months, the majority of the states are still likely to fall short of their annual targets for GST collection.
Meanwhile, the government had fixed the Central Goods and Services Tax (GST) collection budget for fiscal 2019-20 at Rs 6,63,343 crore. The government had achieved half of this target by October 2019, Minister of State for Finance Anurag Singh Thakur had earlier said in the Lok Sabha, PTI reported. He added that the government calculates shortfall or excess in collection of GST after completion of the financial year. The budget estimate for direct taxes for the same fiscal is pegged at Rs 13,35,000 crore. The net collection of direct taxes stood at Rs 5,18,084 crore during April-October, 2019. “The exercise for preparation of budget estimate for 2020-21 and revised estimates for 2019-20 is underway. At this stage, it may be premature to assess the revised estimate against the budget estimate for 2019-20 with respect to taxes,” Anurag Singh Thakur said earlier.