Precipitous 80-90% fall in states’ April GST collections; Centre’s may halve to Rs 50,000 crore
Month’s GST collections for Andhra Pradesh, West Bengal, Assam crashed due to coronavirus-induced lockdown; Centre’s net April collections may drop from Rs 1 lakh crore to between Rs 45,000-55,000 crore
Early bird numbers suggest coronavirus-afflicted lockdown has slashed April GST revenue of states such as Andhra Pradesh, West Bengal and Assam by as much as 80-90 per cent. Nationwide GST collection numbers slated to be declared on May 1 are likely to mirror the impact on states’ finances by and large.
Nationwide trend in generation of e-way bills also points to a sharp drop in GST collection. Trade and businesses generated 67.47 lakh e-way bills between April 1 to 27, barely 17 per cent of the 4.06 crore e-way bills generated in March, 2020, according to Goods and Services Tax Network (GSTN) portal.
Most economic analysts presumed 30 per cent of the economy was still functioning. But with Centre, states and local administration completely out of sync with each other, the gash in the economy is clearly far deeper than imagined. “We have seen 80 per cent drop in our revenue in the month of April.”
Source- Business Today.
The post Precipitous 80-90% fall in states’ April GST collections; Centre’s may halve to Rs 50,000 crore appeared first on GST Station.
Click here for more...
from #Bangladesh #News aka Bangladesh News Now!!!