GST collection dips marginally in January to Rs 86,318 crore
The collection of Goods and Services Tax (GST) slipped marginally to Rs 86,318 crore in January, from Rs 86,703 crore in December.
“The total revenue received under GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs 86,318 crores,” the finance ministry said in a statement
Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.The ministry said that 1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter.
Of the total, 1.23 lakh composition dealers have opted out of scheme and have thus become regular taxpayers, it said, adding that “till February 25 there are 16.42 lakh composition dealers which are required to file returns every quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns.”The ministry further said that as many as 57.78 lakh GSTR 3B returns have been filed for the month of January till February 25, 2018. This is 69 per cent of total taxpayers who are required to file monthly returns, it added. Of the Rs 86,318 crore collected during the month, Rs 14,233 crore have been collected as CGST, Rs 19,961 crore as SGST, Rs 43,794 crore as IGST and Rs 8,331 as Compensation cess.
The ministry further said that Rs 11,327 crore is being transferred from IGST to CGST account, and Rs 13,479 crore to SGST account by way of settlement of funds on account of cross utilisation of IGST credit for payment of CGST and SGST respectively or due to inter State B2C transactions.A total amount of Rs 24,806 crore is being transferred from IGST to CGST/SGST account by way of settlement. it added.
The Business Standard, New Delhi, 28th February 2018