Revenue collection from Goods and Services Tax (GST) for the month of
November 2017 slipped further to Rs 80,808 crore, lowest since the
implementation of the indirect tax system from July01,2017
The dip in revenue collection was mainly due to a decline in overall incidence of taxes on most commodities, especially after the apex decision making body of the new tax system — GST Council — cut rates of more than 200 items in its 23rd meeting in Guwahati.
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 which 53.06 lakh returns have been filed for November, while 16.60 lakh are composition dealers who file returns every quarter.
As per data available, government had garnered 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)
“Of the Rs 80,808 cr collected under GST for the month of November, 2017, Rs 13,089 cr have been collected as CGST (Central GST), Rs 18,650 cr has been collected as SGST (State GST), Rs 41,270 cr has been collected as IGST (Integrated GST) and Rs 7,798 cr has been collected as compensation cess,” the finance ministry said in a statement.
The dip in revenue collection was mainly due to a decline in overall incidence of taxes on most commodities, especially after the apex decision making body of the new tax system — GST Council — cut rates of more than 200 items in its 23rd meeting in Guwahati.
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 which 53.06 lakh returns have been filed for November, while 16.60 lakh are composition dealers who file returns every quarter.
As per data available, government had garnered 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)
“Of the Rs 80,808 cr collected under GST for the month of November, 2017, Rs 13,089 cr have been collected as CGST (Central GST), Rs 18,650 cr has been collected as SGST (State GST), Rs 41,270 cr has been collected as IGST (Integrated GST) and Rs 7,798 cr has been collected as compensation cess,” the finance ministry said in a statement.
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