February's GST revenue collections boost up by 13.12%..!

New Delhi, March 2: The GST revenue collection for the month of February has witnessed the growth of 13.12 per cent as compared to that of the corresponding period last year. The total collection amounts to Rs 97, 247 crores of which CGST is Rs 17,626 crores and SGST forms Rs 24,192 crores. Meanwhile the rest forms part of the IGST collections.

 

 

However the collections this month have dropped from Rs 1.02 lakh crore, when compared to the previous month, the Finance Ministry said on Friday adding that the number of sales return or GSTR-3B filed for the month of January till date is 73.48 lakh.

Meanwhile the GST collections revenue in the current fiscal by February totalled Rs 10.70 lakh crore. “The government has lowered the GST collection target for current fiscal to Rs 11.47 lakh crore in the revised estimates, from Rs 13.71 lakh crore budgeted initially”, added the Finance Minister.

“While the collections are in line with the average collection in this financial year, it has witnessed a slight dip vis-a-vis the previous month, a possible reason being the impact of rate rationalizations effective January", officials said in relation.

The GST Council in its December 22, 2018, meeting had rationalised the 28 per cent slab and restricted the highest slab to luxury, demerit, and sin goods, besides cement, large screen TV, Air Conditioners and dishwashers.

The goods on which GST has been lowered to 18 per cent from 28 per cent include pulleys, transmission shafts and cranks, gear boxes, retreaded or used tyres, power banks of lithium-ion batteries, digital cameras, video camera recorders and video game consoles.

For the next fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.