GST mop-up slips below Rs 1 lakh cr-mark first time in four months, March collection at Rs 97,597 cr
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collections in an already sluggish economy
While the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of the previous year.
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GST receipts during the current fiscal will only be for 9 months as the new indirect tax regime was implemented from July.
It was highly expected that GST Council would decide the fate of petroleum products under GST to remove cascading effect but unfortunately no decision has been taken yet.
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Changing tax rates and creating new exemptions also slows the process of estimating the exact tax liabilities, and by extension, what prospective collection estimates should be.
With the new utility RFD-1A, a merchant exporter can claim refund of GST paid at the time of buying goods which he has exported in the relevant month
As far as the GST collection figure is concerned, it will take a few more months before one gets a clearer pattern.
Of the tax collected, Jaitley said, Rs 14,894 crore have come in as Central GST, Rs 22,722 crore as State GST and Rs 47,469 crore as Integrated GST, which is levied on inter-state movement of goods and imports
The government had on 19 August extended the due date for filing of GST returns and payment of taxes to 25 August from 20 August earlier after businesses complained of snag in the GST portal.
Rs 15,000 cr has come in as Integrated-GST and Rs 5,000 cr as cess on demerit goods like cars and tobacco
The GST Council also decided to amend the transition rules allowing traders and retailers to make claim of 60 percent against the CGST or SGST dues where the tax rate exceeds 18 percent.
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Jaitley also said that the cess on sin (tobacco products) and luxury goods has been capped at 15 percent by the Council.
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The GST Council has the mandate to look into issues of dual control and threshold rates with the states demanding that they be given the legal and administrative powers for imposing tax on entities with turnover of up to Rs 1.5 crore.