GST collection for Aug stands at around Rs 94,000 cr; slightly lower than GST collected in July

The total GST collection for August this year stood at around 94 thousand crore rupees which is slightly lower than the GST collected in July.

In the preceding month, the total GST collection was over 96 thousand crore rupees while in June the collection was over 95 thousand 600 crore rupees.

According to an official release, a total of 67 lakh returns were filed in August. The release said, one of the main factors for the dip in tax revenues is probable postponement of sale of items for which tax rate was reduced by the GST Council.

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 actual impact of reduction of rate of taxes would be observed only from next month onwards as the rate reduction would have got affected only in last few days of the month.

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