INSUBCONTINENT EXCLUSIVE:
The total number of GSTR 3B filed for the month of July up to August 31, 2018, is 67 lakh.New Delhi: GST collections dropped to Rs 93,960
crore in August from Rs 96,483 crore in the previous month, the Finance Ministry said Saturday
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 66 lakh returns of the month of June filed up to July 31, 2018, the ministry said in a statement
The revenues collected in August are slightly lower than July collection of Rs 96,483 crore, and June collection of Rs 95,610
crore.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 actual impact of reduction of rate of taxes would be observed only from next month onwards as the rate reduction would have got affected
October 5, 2018, in view of the flood.
