GST collections hit a 3-month low in August at Rs.1.59-lakh crore

Collections from the Goods and Services Tax (GST) in August dropped to a three month low of Rs. 1.59lakh crore, data released by the Finance Ministry showed. However, it is 11 per cent higher than last August. Experts expect collections to rise during the rest of the year.

“The revenues for August are 11 per cent higher than the GST revenues in the same month last year. During the month, revenue from the import of goods was 3 per cent higher, and that from domestic transactions (including the import of services) up 14 per cent than the revenues from these sources during the same month last year,” a Finance Ministry statement said. GST collections in August relate to invoices raised for goods and services in July.

The statement said that out of the gross GST collection, CGST (Central Goods and Services Tax) contributed over Rs. 28,000 crore, while SGST (State Goods and Services Tax) and IGST (Integrated Goods and Services Tax) had a share of over Rs. 35,000 crore and Rs. 83,000 crore, respectively. Cess provided around Rs. 11,700 crore.