India’s March GST revenue slips below Rs. 1 lakh crore, Misses Annual GST Revenue target

New Delhi: India’s gross GST collection dropped by 8% to 97,597 Crore in March 2020, as compared to Rs.106577 Crore in March 2019. The drop in monthly GST revenue is being attributed to disruptions due to the lockdown announced by the Government in view of the COVID19 pandemic.

GST collection on import of goods in March has dropped by a whopping 23% due to trade-related restrictions imposed by the government in view of the pandemic.

Meanwhile, the country’s annual GST collection for FY20 has increased by 8% to Rs. 12.22 lakh crore. However, it has failed to meet the annual target of Rs.13.71 Crore. During the year, GST from import on goods fell down by 8% as compared to last year. Overall, gross GST revenues grew at 4% over the last year’s GST revenue.

“Out of the Rs. 97,597crore GST collected in March, CGST is Rs. 19,183 crore, SGST is Rs. 25,601 crore, IGST is Rs. 44,508 crore (including Rs. 18,056 crore collected on imports) and Cess is Rs. 8,306 crore (including Rs. 841 crore collected on imports). The total number of GSTR-3B Returns filed for the month of February up to 31st March 2020 is 76.5 lakh” said the data released by the Finance Ministry.

“The government has settled Rs. 19,718 crore to CGST and Rs. 14,915 crore to SGST from IGST as regular settlement. In addition, Centre has also apportioned unsettled balance IGST of Rs. 6000 crores on ad-hoc basis in the ratio of 50:50 between centre and States/UTs.The total revenue earned by Central Government and the State Governments after regular settlement in the month of March 2020 is Rs. 41,901 crore for CGST and Rs. 43,516 crore for the SGST”