Goods and Services Tax collection for March stands at Rs 97,597 crore, says Finance Ministry

The total revenue earned by central government and the state governments after regular settlement in the month of March 2020 is Rs 41,901 crore for CGST and Rs 43,516 crore for the SGST," the FinMin statement said.

Goods and Services Tax collection for March stands at Rs 97,597 crore, says Finance Ministry

New Delhi: Goods and Services Tax (GST) revenue in March stood at Rs 97,597 crore, lower than over Rs 1.05 lakh crore collected in February, according to a Finance Ministry statement on Wednesday (April 1). The total number of GSTR-3B returns filed up to March 31, 2020, is 76.5 lakh.

According to the statement, the gross GST revenue collected in the month of March 2020 is Rs 97,597 crore of which CGST is Rs 19,183 crore, SGST is Rs 25,601 crore, IGST is Rs 44,508 crore, including Rs 18,056 crore collected on imports, and Cess is Rs 8,306 crore, including Rs 841 crore collected on imports. 

The government has settled Rs 19,718 crore to CGST and Rs 14,915 crore to SGST from IGST as regular settlement. In addition, Centre has also apportioned unsettled balance IGST of Rs 6000 crores on an ad-hoc basis in the ratio of 50:50 between centre and States/UTs.

"The total revenue earned by central government and the state governments after regular settlement in the month of March 2020 is Rs 41,901 crore for CGST and Rs 43,516 crore for the SGST," the FinMin statement said.

The GST revenues during the month of March 2020 from domestic transactions have shown a negative growth of 4% over the revenue during the month of March 2019. Taking into account the GST collected from the import of goods, the total revenue during March 2020 has also decreased by 8% in comparison to the revenue during March 2019. 

During this month, the GST on import of goods has shown a negative growth of (-) 23% as compared to March 2019.

For the full financial year, 2019-20, the GST for the domestic transaction has shown a growth rate of 8% over the revenues during last year. During the year, GST from imports on goods fell down by 8% as compared to last year. Overall, gross GST revenues grew at 4% over the last year’s GST revenue, the statement added.