GST collection drops down by 2.67% in September

The Goods and Services Tax (GST) collection in September dropped down by 2.67% to Rs 91,916 on a year on year basis.
According to an official statement, “The total gross GST revenue collected in the month of September, 2019 was Rs 91,916 crore of which Central GST (CGST) was Rs 16,630 crore, State GST (SGST) was Rs 22,598 crore, Integrated GST (IGST) was Rs 45,069 crore (including Rs 22,097 crore collected on imports) and Cess is Rs 7,620 crore (including Rs 728 crore collected on imports).”

The government has settled Rs 21,131 crore to CGST and Rs 15,121 crore to SGST from IGST as regular settlement. The total revenue earned by the central government and the state governments after regular settlement in September was Rs 37,761 crore for CGST and Rs 37,719 crore for the SGST, it said.

The total number of GSTR 3B Returns filed for the month of August up to September 30, was 75.94 lakh. The lower indirect tax collection is set to put further pressure on the government finances.

Lower GST collection could change its fiscal maths. By lowering corporate tax it has already taken a big bet, with government already committed to scaling up public spending to boost the sagging economy.