indo-asian news service
New Delhi, Dec 26: The total revenue collected from Goods and Services Tax (GST) fell for the second consecutive month in November to Rs80,808 crore. In October the collection had dipped to Rs83,346 crore from over Rs92,000 crore in September. The fall in November is believed to be the result of GST rate revisions.
“The total collection under GST for the month of December, 2017 has been Rs80,808 crore till December 25,” the Finance Ministry said in a statement. The December collection relates to taxes paid for the month of November.
While the downward trend in GST collection started from October, the November figure may have been impacted the GST Council decision to slash tax slabs of 178 items from 28 per cent to 18 per cent, while also reducing tax on several items in other slabs from mid-November ahead of the Gujarat elections.
The GST collection for July was more than Rs95,000 crore while for August, it was more than Rs91,000 crore. The indirect tax collection for September stood at more than Rs92,150 crore.
However, there was a sharp fall of about 10 per cent in the October collection when the total collections declined to Rs83,346 cr.
The government had then said that since implementation of some of the main features of GST such as matching of returns, e-way bill and reverse charge mechanism had been postponed, tax compliance may not be up to the mark.
A meeting of the GST Council was called December 16 via tele-conference during which the nod for an early implementation of e-Way Bill was given for inter-state movement of items from February 1 and uniform mandatory compliance from June 1 next year.
The Finance Ministry statement said that of the Rs80,808 crore, Rs13,089 crore have been collected as Central GST (CGST), Rs18,650 crore as State GST (SGST), Rs41,270 crore as Integrated GST (IGST) and Rs7,798 crore as compensation cess.
“Further, Rs10,348 crore is being transferred from IGST to CGST account and Rs14,488 crore from IGST 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,” it added.
