GST collection grows 5.8% to Rs 1.02 lakh crore in July

Gross GST collection grows 5.8% to Rs 1.02 lakh crore in July, marginally up from the previous month, official data showed.

Daily Current Affairs Quiz 2019

Revenue collection from the Goods and Services Tax (GST) had slipped below the Rs 1 lakh crore mark for the first time in the current fiscal in June at Rs 99,939 crore.

Central GST collections stood at Rs 17,912 crore, State GST Rs 25,008 crore, and Integrated GST Rs 50,612 crore (including Rs 24,246 crore collected on imports) during July this year, a statement said.

It further said cess collection stood at Rs 8,551 crore (including Rs 797 crore collected on imports).

The number of GSTR 3B Returns (summary of self-assessed return) filed for the month of June up to end-July totalled 75.79 lakh.

As per the statement, Rs 17,789 crore has been released to the states as GST compensation for April-May, 2019.

The gross GST collections during April-July stood at Rs 4,16,176 crore, up from Rs 3,89,568 crore in the corresponding period of the last fiscal.

GST, which was introduced two years ago, has subsumed most of the indirect taxes.

About GST:
GST is an indirect tax introduced in India on supply of goods and services. It is a comprehensive multitage ,destination based tax. GST replaces all the indirect taxes levied by Central and State Governments.