In an apparent sign of an economic slowdown, India’s GST collections in August dropped to Rs 98,202 crore from over Rs 1.02 lakh crore in the previous month, the finance ministry said on Sunday. However, total Goods and Services Tax (GST) mop-up for August this year was 4.5 per cent higher than the Rs 93,960 crore collected in the same month last year. In a release, the Finance Ministry said the total number of GSTR 3B Returns filed for the month of July up to 31st of August is around 76 lakh.
The government has settled 23,165 crore rupees to CGST and 16,623 crore rupees to SGST from IGST as a regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of August 2019 is 40,898 crore rupees for CGST and 40,862 crores for the SGST. It said, 27,955 crore rupees have been released to the states as GST compensation for the months of June and July this year.