GST alert: Collections drop to Rs 93,960 crore in August
GST collections dropped to Rs 93,960 crore in August from Rs 96,483 crore in the previous month,
GST collections dropped to Rs 93,960 crore in August from Rs 96,483 crore in the previous month, the Finance Ministry said Saturday. The total number of GSTR (goods and services tax returns) 3B filed for the month of July up to August 31, 2018, is 67 lakh. This is slightly higher than 66 lakh returns of the month of June filed up to July 31, 2018, the ministry said in a statement.
The revenues collected in August are slightly lower than July collection of Rs 96,483 crore, and June collection of Rs 95,610 crore.
Explaining reasons for the dip, the ministry said one of the main factors is probable postponement of sale of items for which tax rate was reduced by the GST Council in its meeting on July 21. The rate cut was effective July 27.
"Since it would have taken some time for the market to pass on the benefit of reduced taxes, consumers would have postponed their decision to buy expecting the benefit. The actual impact of reduction of rate of taxes would be observed only from next month onwards as the rate reduction would have got affected only in last few days of the month,? the ministry said.
Also the last date of filing return of July, 2018, in Kerala was extended up to October 5, 2018, in view of the flood.