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March GST collections below Rs 1 lakh cr, way behind target; FY20 govt revenue goal at stake

March GST collections below Rs 1 lakh cr, way behind target; FY20 govt revenue goal at stake

Even as the Modi government revised down tax revenue target to Rs 21.6 lakh crore, the low GST collections may make it difficult to achieve even the revised target. GST collections in the month of March stood at a mere Rs 97,500 crore. In March CGST collections stood at Rs 19,183 crore, SGST at Rs 25,601 crore, IGST at Rs 44,508 crore and Cess at Rs 8,306 crore. With this, the full-year GST collection has grown only 4 per cent than the previous year. While the GST for the domestic transaction has shown a growth rate of 8 per cent in FY20, over the revenues last year, GST from imports on goods contracted by 8 per cent on-year.

Earlier, the government had raised the monthly GST collections target for the last three months of the current fiscal due to lower collections in the previous months.

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