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Know why the GST collection being decreased?

Saturday - March 2, 2019 1:07 pm , Category : WTN SPECIAL
GST collection 'reduces' for many reasons
GST collection 'reduces' for many reasons

Due to low GST rates and GST evasion by traders, the collection of GST declines

MAR 02 (WTN) - Due to low rates on GST and GST evasion by traders, the collection of GST i.e. Goods and Services Tax, after reduction, was Rs 97,247 crore in February, 2019. It is Rs. 4,753 crores less than compared to last month's collection of Rs 1.02 lakh crores. Last year in the same month, that is, in February, 2018, the GST collection was 85, 962 crores. That is, if compared to last year, this year's GST collection in February is Rs 11,285 crore more than last year's GST collection, but it is less than last month.
 
In the total GST of February, 2019, the Central GST collections is Rs 17,626 crore, State GST (SGST) is Rs 24,192 crore and the Integrated GST (IGST) Rs 46,953 crore and Rs 8,476 crore. But if figures are to be considered, then in February, 2019, the GST collection was 13.12 percent higher than the year-ago period.

According to GST analysts, there has been a decrease in GST collection since January 1 due to a decrease in GST rates on 23 different items including TV Monitor, Cinema Tickets, Power Bank. For your information, let you know that under the general settlement, the government has put Rs.15747 crores in SGST amd Rs.19,470 crores in IGST. After the general settlement of February, the Center received a total income of 37,095 crore from the GST. Meanwhile, the figure of SGCT was Rs 39,939 crore.

According to experts, tax collection is only average during this financial year, but there is a slight decrease in comparison to January. By the way, in the current fiscal year, till the month of February, the revenue of Rs 10.70 lakh crore has been collected from GST. After reducing the tax rate on many commodities, the government has reduced the target of total GST collection in the current financial year to Rs 11.47 lakh crore in its revised estimate. However, in the budget, the target of GST collection was kept at Rs 13.71 lakh crore in this fiscal year. For the coming financial year, the government has also targeted the collection of GST of Rs 13.71 lakh crore.

There are several reasons for the reduction in GST collections, as it includes lower tax rates on many commodities and also involving evasion of GST on a large scale by traders. According to the information, about 20 thousand crore rupees of GST evasion have been detected in this financial year. Over time, as GST is getting old, traders have found new ways of evasion in GST, which is causing the government's loss of thousands of crores.