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GST collections falls to 5.3 per cent in October

Updated: Nov 02, 2019 06:28:01am
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GST collections falls to 5.3 per cent in October

New Delhi, Nov 2 (KNN) India's Goods and Services Tax fell 5.3 per cent year-on-year to Rs 95,380 crore in October but saw a 3.8% improvement over September collections. 

According to official data released on Friday, GST revenues stood at Rs 95,380 crore, up from Rs 91,916 crore in September this year but lower than Rs 1,00,710 crore in October 2018.

Overall GST collections in April-October 2019 increased 3.38% year-on-year. While the domestic component grew 6.74% during April-October, GST on imports showed a decline.

The year-on-year decline in GST receipts reflects the demand slowdown in the Indian economy. Official data released on Thursday showed that core sector output of eight major industries had contracted 5.2% in September, its worst performance in 14 years, demonstrating the severity of the slowdown. A slight pickup in GST collections holds out some hope for economy watchers, but most say they will watch November’s revenues more closely to draw a firm conclusion.

The government has a target of at least Rs 1 lakh crore in GST collections every month to meet its revenue estimates.

Of the total collections, central GST stood at Rs 17,582 crore, state GST at Rs 23,674 crore and integrated GST at Rs 46,517 crore, including Rs 21,446 crore collected on imports. Compensation cess collection stood at Rs 7,607 crore, including Rs 774 crore collected on imports.

The total number of GSTR 3B returns filed for September up to October 31 was 7.383 million, as per the official statement.

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