Mumbai: The heartening rate of recovery of those stricken by coronavirus apart, the Goods & Service Tax collection, too, has started showing signs of recovery.
The gross GST revenue collected in October 2020 was Rs 1,05,155 crore; this is the first time in the current financial year that the gross GST collections have crossed the Rs 1-lakh-crore-mark.
Incidentally, among states, Maharashtra tops the list, bringing Rs 15,799 crore to the GST kitty for this period, as against Rs 15,109 crore in October 2019.
The gross GST revenue collected in October 2020 at the all-India level is Rs 1,05,155 crore, of which the CGST is Rs 19,193 crore, the SGST is Rs 25,411 crore, the IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and the cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods). The total number of GSTR-3B returns that had been filed for October until the 31st was 80 lakh.
A state finance department official told The Free Press Journal, “The data shows that the state economy, which had been crippled by the coronavirus pandemic, is on a recovery path. This is good news for the state government, which is facing a revenue shortfall of almost Rs 46,106.16 crore for April-September 2020, following the lockdown and the closure of economic activities.
AS against a revenue collection of Rs 1,37,557.34 crore (April-September 2019), the state government had mopped up Rs 91,451.18 crore. It has estimated a revenue collection of Rs 3,47,456.89 crore for 2020-21.’’ He hoped that with the festive season underway, spending would increase, which would further improve the state’s revenue collection.
Maharashtra’s GST collection in September was Rs 13,546 crore, as against Rs 13,579 crore in September 2019 (o%), Rs 11,602 crore against Rs 13,407 crore (-13%) in August, Rs 12,508 crore against Rs 15,102 crore (-17%) in July and Rs 14,987 crore, as against Rs 15,143 crore (-1%) in June.
Incidentally, Chief Minister Uddhav Thackeray had last week reminded the Centre to urgently release GST arrears of Rs 38,000 crore, which he claimed could be used for Covid containment measures and other welfare and development schemes. He had also urged the Centre to re-examine the design of the GST framework and a suitable restructuring exercise to be undertaken in consultation with all stakeholders, to address any future Covid 19 like similar economic disruption.
At the Shiv Sena’s customary Dussehra rally on October 25, he had also argued that if the GST had failed to achieve its aim, then the Centre ought to explore the option of reverting to the earlier tax regime, after bringing all states on board.