Covid 19 effect-GST March revenue de grows by -4%; overall increase 8 percent over last fiscal year
Kanwar Inder Singh/ royalpatiala.in/ Chandigarh
The gross GST revenue collected in the month of March, 2020 is Rs. 97,597crore of which 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.
The government has settled Rs. 19,718 crore to CGST and Rs. 14,915 crore to SGST from IGST as regular settlement. Inaddition,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.
The GST revenues during the month of March, 2020 from domestic transactions has shown anegative growth of 4% over the revenue during the month of March, 2019. Taking into account the GST collected from import of goods, the total revenue during March, 2020has also decreasedby 8% in comparison to the revenue during March, 2019. During this month, the GST on import of goods has shown a negative growth of (-) 23% as compared to March, 2019.
For the full financial year, 2019-20, the GST for domestic transaction has shown a growth rate of 8% over the revenues during last year. 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.
The chart shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of March, 2020 as compared to March, 2019 and for the full year.
State-wise GST Collections during March 2020
|Jammu and Kashmir||388||276||-29%||3,792||4,010||6%|
|Daman and Diu||103||95||-8%||1,105||1,155||5%|
|Dadra and Nagar Haveli||174||169||-3%||1,718||1,810||5%|
|Andaman &Nicobar Islands||28||39||40%||297||361||21%|