GST
The Goods and Services Tax (GST) revenue collection for the month of November dipped to lowest since its implementation from July 1 to Rs. 80,808 crore.
As per the data available, the government had collected revenue worth Rs 83,364 crore in October (as on November 27), Rs 92,150 crore for the month of September (as on October 23), Rs 90,669 crore for August (as on September 27) and Rs 94,063 crore in July (as on September 25).
The slip in this revenue collection is majorly due to decline in overall incidence of taxes on most commodities, especially after the GST council cut rates of more than 200 items recently.
The revenue numbers for November indicate tax collection as on December 25.
Till now, 99.01 lakh taxpayers have been registered under the new indirect tax system. Out of this, 53.06 lakh returns have been filed for November, while 16.60 lakh are composition dealers who file returns every quarter.
If one looks at the breakup of Rs. 80,808 crore, then Rs. 13,089 crore have been collected as CGST (Central GST), Rs. 18,650 crore has been collected as SGST (State GST), Rs. 41,270 crore has been collected as IGST (Integrated GST) and Rs. 7,798 crore has been collected as compensation cess.
“A total amount of Rs 24,836 cr has been transferred to the Centre and states from IGST on account of cross utilisation of credit for payment of CGST and SGST due to inter-state B2C transactions,” the Finance Ministry said in a statement.
It is hoped that the compliances improve further so that the revenue is back on track.
Credit: moneycontrol
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