Falling below the Rs 1 lakh crore threshold for the first time this year, GST collections declined by around 7.5 per cent in the month of March to Rs 97,597 crore.
And the end of the financial year 2019-20, the total gross GST revenue has registered a dismal growth of 4 per cent over the revenue collected in FY19. While for domestic transactions, GST collections grew by 8 per cent. The total GST revenue was pulled down by GST from import on goods which fell down by 8 per cent as compared to last year.
The last time the GST revenue had fallen short of Rs 1 lakh crore was in October when the government had collected Rs 95,380 crore.
In February, the government had collected over Rs 1.05 lakh crore as GST revenue and in January, it had collected Rs 1.10 lakh crore.
Even when compared with collections in the same month last year, the GST revenues in March have shown a negative growth of 4 per cent. Taking into account the GST collected from import of goods, the total revenue during March has also decreased by 8 per cent in comparison to the revenue during March, 2019. During this month, the GST on import of goods has shown a negative growth of (-) 23 per cent as compared to last year.
Of the total GST collected in March, Rs 19,183 crore was Central-GST, Rs 25,601 crore was State-GST and Rs 44,508 crore was Integrated-GST, the Finance Ministry said. A total of Rs 8,306 crore was collected as Cess. A total of 76.5 lakh GSTR-3B Returns have been filed for the month of February up to March 31.
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"The government has settled Rs 19,718 crore to CGST and Rs 14,915 crore to SGST from IGST as regular settlement. In addition, Centre has also apportioned unsettled balance IGST of Rs 6,000 crores on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs. The total revenue earned by central government and the state governments after regular settlement in the month of March is Rs 41,901 crore for CGST and Rs 43,516 crore for the SGST," the government stated.
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