Central GST collection at Rs 3.26 lakh cr in FY'20: Thakur

The Central GST collection so far this fiscal stood at Rs 3.26 lakh crore, which is around half the government's target for 2019-20, Parliament was informed on Monday.

"The Budget Estimates for Central Goods and Services Tax (GST) for 2019-20 has been fixed at Rs 6,63,343 crore. The actual net GST collection for the Centre till October 2019 in current fiscal year is Rs 3,26,490 crore," Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha.

He said the shortfall or excess in collection of GST with respect to budget estimate, if any, is calculated after completion of financial year.

The minister was responding to a question on details of the shortfall in GST collections of indirect taxes until October this fiscal against the budgetary projections.

On direct taxes, the minister said that for 2019-20, the budget estimate is Rs 13,35,000 crore.

Between April-October, 2019 the net collection of direct taxes is Rs 5,18,084 crore.

When asked about the details of the revenue loss to the government on account of corporate tax rate reduction, Thakur said:"The likely revenue forgone due to the reduction in corporate tax rates has been estimated to be Rs 1,45,000 crore."