New Delhi, September 1
In an apparent sign of economic slowdown, India’s GST collections in August dropped to Rs 98,202 crore from over Rs 1.02 lakh crore in the previous month, the Finance Ministry said on Sunday.
However, total Goods and Services Tax (GST) mop-up for August this year was 4.5 per cent higher than the Rs 93,960 crore collected in the same month last year.
This is the second time during this year that the revenue collection from the GST slipped below the Rs 1 lakh-crore mark. First, it happened in June when the collection was Rs 99,939 crore. However, it was Rs 1.02 lakh crore in July.
Central GST collections stood at Rs 17,733 crore, State GST Rs 24,239 crore, and Integrated GST Rs 48,958 crore (including Rs 24,818 crore collected on imports) during August this year, a statement said.
It further said that cess collection stood at Rs 7,273 crore (including Rs 841 crore collected on imports).
The number of GSTR 3B Returns (summary of self-assessed return) filed for the month of July up to end-August totalled 75.80 lakh. As per the statement, Rs 27,955 crore has been released to states as GST compensation for June-July 2019.
“The government has settled Rs 23,165 crore to CGST and Rs 16,623 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and state governments after regular settlement in the month of August 2019 is Rs 40,898 crore for CGST and Rs 40,862 crore for the SGST,” it said. — PTI
Auto industry stuck in slow lane
Maruti down 33%
- The country's largest carmaker Maruti Suzuki India on Sunday reported a 32.7% decline in sales at 1,06,413 units in August
- Company had sold 1,58,189 units in August last year, Maruti Suzuki India said
- Domestic sales declined 34.3% at 97,061 units last month against 1,47,700 units in August 2018
M&M sales fall 25%
- Mahindra and Mahindra (M&M) on Sunday reported a 25% fall in total sales to 36,085 units in August
- Company had sold 48,324 units in the corresponding month last year, M&M said
- In domestic market, sales were down 26% to 33,564 units last month, compared to 45,373 units in Aug 2018
Honda sees 51% loss
- Honda Cars India Ltd on Sunday reported a 51.28% decline in sales at 8,291 units in Aug against 17,020 units in same month last year
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