GST revenues fall by 4 pc in March to Rs 97,597 crore

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 97,597 crore in March, down four per cent in the year-ago period, the government said on Wednesday.

Of this amount, the Central GST was Rs 19,183 crore, State GST Rs 25,601 crore and Integrated GST Rs 44,508 crore (including Rs 18,056 crore collected on imports) and cess 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 March 31 is Rs 76.5 lakh, according to a statement issued by the Ministry of Finance.

The government settled Rs 19,718 crore to CGST and Rs 14,915 crore to SGST from IGST as regular settlement.

In addition, the Centre apportioned unsettled balance IGST of Rs 6,000 crore on ad-hoc basis in the ratio of 50:50 between the Centre and states/union territories.

The total revenue earned by Central government and state governments after regular settlement in March is Rs 41,901 crore for CGST and Rs 43,516 crore for the SGST.

"The GST revenues during March from domestic transactions have shown a negative growth of four per cent over the revenue during the month of March 2019," said the statement.

Taking into account the GST collected from import of goods, the total revenue during March also decreased by eight per cent in comparison to the revenue during March last year.

During this month, the GST on import of goods showed a negative growth of minus 23 per cent as compared to March 2019.

For the full financial year 2019-20, the GST for domestic transaction showed a growth rate of eight per cent over the revenues during last year.

During the year, GST from import on goods fell down by eight per cent as compared to last year. Overall, gross GST revenues grew at four per cent over the last year's GST revenue.