GST collection slow down in last month (March) of financial year
This is a great reason that the Indian economy has been fallen down after 4 months. It is true and a bad news Indian country that Indian economy has been gone to sudden collateral damage. The break has been applied to the Indian economy after a long period. Now the graph of Indian economy has been looked liked an inverted “U” shape. The main reason of the collateral damage and the Indian economy is COVID-19 that is a novel Coronavirus. Due to this COVID-19 virus, a huge impact has been shown on Indian economy.
The GDP gross domestic product of India has been expanded from 4.7 % to 5.1% YoY in December 2019. India update its economic data of GDP quarterly. According to the latest report of the nominal gross domestic product of India has been reached to 728.6 USD billion. This data is taken in the month of December 2019. The impact price deflector on the GDP has been increased to 2.9% in December 2019. After ending the financial year the last month that is march 2020 GDP or economy of India has been fallen down.
in the end of financial year the last month that is march there is the collection of GST only 97,597 crore rupees. According to the comparison of last year in March 2019, there is a collection of GST is 1.06 lakh crore rupees. However comparing both your GST collection there is collateral damage collecting GST in march 2020 after looking facts and figure and comparing data from last year so, there is 8.4% less collection in GST this year. Now here is a list of GST collections in a couple of months in India.
- March 2020 – 76.5 lakhs
- February 2020 – 1.05 lakhs
- January 2020 – 1.10 lakhs
- December 2020 – 1.03lakhs
- November 2020 – 1.03 lakhs
Download discuss about the current month collection of GST. 10 months is so important because this is the last month of the financial year. There are total of 76.5 lakh GST returns has been registered by the Indian government. By looking towards the speaker we can clearly see that there is very less GST return registered March 2020. the main reason for all this is covid-19 that is coronavirus which has been spread out throughout the world and due to this virus the whole country turn into lockdown stage.
According to finance minister statement
Finance Ministry gave a statement In this context, the Finance Ministry stated that “Out of the total GST collection of Rs 97,597 crore as on March 2020, the central GST share was Rs 19,183 crore. Similarly, the state GST collection stood at Rs 25,601 crore. The integrated GST collection stood at Rs 44,508 crore, of which Rs 18,056 crore came from duty on imports.
Combine revenue received (Central and state government)
Central and state governments received so much revenue The government released Rs 19,718 crore from the integrated GST to the central GST under regular settlement and Rs 14,915 crore under the state GST. After the GST settlement, in March 2020, the central government and the state governments received revenues of Rs 41,901 crore and Rs 43,516 crore respectively. The ministry said that GST revenue from domestic transactions declined by four per cent in March. If the GST on import goods is also included in this, the total revenue in March 2020 has been reduced by eight per cent compared to the same month a year ago.
Impact on import revenue of GST
GST revenue from imports fell by eight percent in the entire financial year GST revenue from imports fell by 23 per cent in March and eight per cent in the entire financial year. At the same time, the GST received from domestic transactions in the entire financial year 2019-20 has increased by eight percent over the previous year. While GST on imported goods during the year declined by eight percent over the previous year, overall GST revenue increased by four per cent over the previous year.
The government has estimated the central GST receipts to be Rs 5.14 lakh crore and compensation cess of Rs 98,327 crore in the revised estimates for 2019-20.