GST collection decreases in February 2019

USNMix Report: GST collection dropped to Rs 97,247 crore in February.
The collection of goods and services tax (GST) declined to Rs 97,247 crore in February, 2019. This is less than the last month's 1.02 lakh crore rupees. The Finance Ministry issued the statement and said that till February 28, 2019, the number of people who made a sales return or GSTR-3B was 73.48 lakh. It is more than 73.3 million in January.

85,962 crore collected in February last year

"GST of Rs. 17,626 crore, State GST (SGST) Rs. 24,192 crore and Integrated GST (IGST) Rs. 46,953 crore and Rs. 8,476 crore, in GST of Rs. 97,247 crore," the ministry said in a statement. However, in February, 2019, the GST collection was 13.12 percent higher than that of the year 2018. In February last year, GST of Rs 85,962 crore was collected. 

Reduction in collections due to low GST on 23 items

Under the General Settlement, the government has kept Rs.19,470 crore CGST and Rs.15, 747 crore in SGST from IGST. After the general settlement of February, the Center earned a total income of Rs 37,095 crore from the GST. At the same time, the SGST figure was Rs 39,939 crore. According to tax experts, since January 1, there has been a decrease in GST collection due to lack of GST rates on 23 types of items including cinema tickets, TVs, power banks and monitor screens.

Expert Abhishek Jain, who is involved in tax affairs, said, "Tax collection is favorable to the average of the financial year but it has seen a slight decrease compared to the previous month; This could be due to a decrease in effective rate from January. ' In the current financial year, the revenue of Rs 10.70 lakh crore has come from GST.

In the revised estimates, the government has reduced the target of total GST collection in the current financial year to Rs 11.47 lakh crore. Though the budget was initially targeted at 13.71 lakh crore rupees. For the next financial year, the target of collection of GST of 13.71 lakh crores has also been set.