Purchase delays, Kerala floods cited

GST collections dropped to ₹93,960 crore in August from ₹96,483 crore in the previous month, the Finance Ministry said.

The total number of GSTR (Goods and Services Tax Returns) 3B filed for the month of July up to August 31, 2018, is 67 lakh. This is slightly higher than the 66 lakh returns of the month of June filed up to July 31, 2018, the Ministry said.

Explaining reasons for the dip, the Ministry said one of the main factors is probable postponement of sale of items for which tax rate was reduced by the GST Council in its meeting on July 21. The rate cut was effective July 27.

“Since it would have taken some time for the market to pass on the benefit of reduced taxes, consumers would have postponed their decision to buy expecting the benefit,” the Ministry said. Also, the last date of filing return of July, 2018, in Kerala was extended up to October 5, 2018, in view of the floods.

Source: Read Full Article