GST collections slip below 1 lakh crore mark in August

GST, Revenue, 1 Lakh, 2019, Finance Ministry, Govt of India, News Mobile, News Mobile India

The GST collection for the month of August was not impressive as it dropped below Rs 1 lakh crore mark to Rs 98,202 crore.

It was at Rs 1.02 lakh crore in July this year. This is the second time during this year that the revenue collected has slipped below the Rs 1 lakh crore mark. It first happened in June when the collection was Rs 99,939 crore.

ALSO READ: Economy slumps to 7-year low, GDP growth slows to 5% in Q1 FY20

The Central GST collections stood at Rs 17,733 crore, State GST Rs 24,239 crore, and Integrated GST Rs 48,958 crore during August this year.

The government however proposes to collect Rs 6.10 lakh crore from CGST for 2019-20 and Rs 1.01 lakh crore as compensation cess. The IGST balance has been fixed at Rs 50,000 crore.

The CGST collection in 2018-19 was Rs 4.25 lakh crore, while compensation cess was over Rs 97,000 crore.

The GDP growth slipped to over six years low of 5 per cent in the April-June quarter of 2019-20 just two days ago.

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