GST revenue drops slightly to Rs.86,318 crore in Jan

Till February 25, around 1.03 crore taxpayers have been registered under the new indirect tax regime.

The Dollar Business Bureau

The Goods and Services Tax (GST) revenue collections have marginally dropped to Rs.86,318 crore for the month of January, from Rs.86,703 crore in the previous month, according to the data released by the Government on Tuesday.

“The total revenue received under the GST for the month of January 2018 ​(received in January/February up to February 25, 2018) has been Rs.86,318 crore,” said a statement released by the Ministry of Finance.

Till February 25, around 1.03 crore taxpayers have been registered under the new indirect tax regime, of which 57.78 lakh taxpayers, 69% of total taxpayers, have filed GSTR 3B (summary form) returns for the month of January. 

The last date for filing of GSTR 3B return for the month of January 201​8 ​was February 20, 2018.

“So far 17.65 lakh dealers got registered as Composition Dealers. Out of these, 1.23 lakh Composition Dealers have opted-out of the Composition Scheme and have thus become regular taxpayers,” said the statement.

“Thus, till 25th February, 2018, 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,” it added.

Out of the total GST collections of Rs.86,318 crore for the month, Rs.19,961 crore has been collected as State GST (SGST), Rs.14,233 crore has been collected as Central GST (CGST) and Rs. 43,794 crore as Integrated GST (IGST). The collection also include Rs.8,331 crore as Compensation Cess.

In addition, Rs. 13,479 crore is being transferred from IGST to SGST account and Rs.11,327 crore from IGST to CGST account by way of Settlement of Funds for cross utilization of IGST credit for the payment of CGST and SGST or due to inter State B2C transactions.

Thus, the overall collection of SGST and CGST for the month is Rs.33,440 crore and Rs.25,560 crore, respectively, including payments by way of settlement.

The Dollar Business Bureau - Feb 28, 2018 12:00 IST