The national tax Goods and Services Tax (GST) recorded the lowest revenue collection in 19 months since it was introduced in July 2017, just over two years ago, according to data released by the government today. The centre raked in Rs. 91,916 crore under various categories of the Goods and Services Tax (GST) in September – a fall by 2.8 per cent from the year-ago period when the government collected Rs. 94,442 crore.
The fall in GST collection may widen the fiscal deficit, which is already under strain after the government last month cut corporate tax rates. Fiscal deficit is a shortfall in the government’s income compared with its spending. While announcing the corporate tax cuts, Finance Minister Nirmala Sitharaman said the centre was “conscious of the impact all this will have on our fiscal deficit”.
“The total gross GST revenue collected in the month of September, 2019 is Rs. 91,916 crore of which CGST is Rs. 16,630 crore, SGST is Rs. 22,598 crore, IGST is Rs. 45,069 crore (including Rs. 22,097 crore collected on imports) and cess is Rs. 7,620 crore (including Rs. 728 crore collected on imports),” the Finance Ministry said in a release.
The total number of GST returns filed for the month of August (up to September 30) stood at Rs. 75.94 lakh.
The government has transferred Rs. 21,131 crore to Central-GST (CGST) and Rs. 15,121 crore to State-GST (SGST) from Integrated-GST (IGST) as regular settlement.
The gross GST collections comprised of Rs. 16,630 crore collection through CGST, Rs. 22,598 crore in State-GST and Rs. 45,069 crore through IGST.
The total revenue earned by the central government and the state governments after regular settlement in September was Rs. 37,761 crore for CGST and Rs. 37,719 crore for the SGST, it said.
During April-September, the domestic component has grown by 7.82 per cent, while the GST on imports has shown negative growth and the total collection has grown by 4.90 per cent, it added.
The lower indirect tax collection is set to put further pressure on the government finances.
With government already committed to scaling up public spending to boost the sagging economy, lower GST collection could change its fiscal maths.
The government needs an average monthly collection of more than 1 trillion rupees every month to meet its budget target.
By lowering corporate tax it has already taken a big bet. The lower collection will further exacerbate the risk of the country slipping from its fiscal deficit target of 3.3 per cent of gross domestic product in 2019/20, especially after government tax revenue for the current fiscal year was reduced by Rs. 1.45 lakh crore due to the corporate tax cut.
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