GST Collections Fall To Rs 93,960 Crores In August, Lowest In FY19

News World India | 0
| September 2 , 2018 , 12:08 IST

The Goods and Service Tax (GST) collections have declined in August as the finance ministry released figures on Saturday.

“The revenues collected in August 2018 of Rs. 93,960 crores are slightly lower than July 2018 collection of Rs. 96,483 crore, and June 2018 collection of Rs. 95,610 crore,” the finance ministry said in the statement.

“The total gross GST revenue collected in the month of August 2018 is Rs. 93,960 crore of which Central Goods and Service Tax (CGST) is Rs. 15,303 crore, State Goods and Service Tax (SGST) is Rs. 21,154 crore, Integrated Goods and Service Tax (IGST) is Rs. 49,876 crore (including Rs. 26,512 crores collected on imports) and Cess is Rs. 7,628 crore (including Rs. 849 crores collected on imports),” it added.

Also Read: GST Collection Drops In May To Rs 94,016 Crore, From Rs 1 Lakh Crore In April  

The main factor for the dip in the tax revenue collection is a probable postponement of a sale of items, for which tax rate was reduced by the Council.

The decision to reduce the tax rate was taken in a meeting held on July 21 while the notification of the reduced rate came into effect only from July 27, 2018.

The GST body achieved a milestone in April this year with Rs 1,03,459 crores GST collections. Here it is a timeline of GST collections: