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Tuesday, March 27, 2018

Goods and Service Tax(GST) - GST collections in February 2018 fall to Rs85,174 crore, only 69% returns filed

GST collections slid for the second straight month to Rs85,174 crore in February as only 69% of the assessees filed returns.

Around 59.51 lakh GSTR 3B returns were filed for February. This is 69% of the total taxpayers who are required to file the monthly returns, the finance ministry said in a statement.

“The total revenue received under GST for the month of February 2018 (received up to 26 March) has been Rs85,174 crore,” said the finance ministry.

The GST collections in January stood at Rs86,318 crore, while in December and November it was Rs88,929 crore and Rs83,716 crore.

Till 25 March, 1.05 crore taxpayers had been registered under GST. Of these, 18.17 lakh are composition dealers who are required to file returns every quarter and the rest, 86.37 lakh, are required to file returns every month.

Of the Rs85,174 crore GST collections in February, Rs14,945 crore has been garnered as Central GST and Rs 20,456 crore as State GST. Besides, Rs42,456 crore has been collected as Integrated GST and Rs7,317 crore as compensation cess. A total amount of Rs25,564 crore is being transferred from IGST to CGST/SGST account by way of settlement.

“Thus, the total collection of CGST and SGST up to 26th March (for February) is Rs27,085 crore and Rs33,880 crore respectively, including transfers by way of settlement,” the statement added.

According to a finance ministry reply to the Lok Sabha, GST collections were Rs93,590 crore in July, Rs93,029 crore in August, Rs95,132 crore in September and Rs85,931 crore in October.

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