GST Collections Fall In November
GST collections in November were at Rs 94,726 crore compared with Rs 97,637 crore in October.
The government’s goods and services tax collections fell for the second straight month in November.
GST collections during the month stood at Rs 94,726 crore, the Finance Ministry said in a statement. That compares with Rs 97,637 crore collected in October and more than Rs 1 lakh crore in September.
- For July-September 2017, numbers released on Oct. 31, 2017; November 2017 till February 2018: Numbers released on 24/25/26th of the following month ; March 2018 till July 2018: Numbers released on the last day of the following month
GST: The Many Course Corrections
So far, the government has collected Rs 8.6 lakh crore as GST in eight months against the full-year budget target of Rs 13.47 lakh crore. The average monthly collection stands at Rs 89,885 crore. Starting Jan. 1, rates on a host of items will come down.
The fall in GST revenue collections compared to the last two months is “discouraging”, said Abhishek Jain, indirect tax partner at EY India. “This might deter the government from rationalising the rate of goods left in the 28 percent category like cement, auto parts in the short term.”
Compliance improved in November. Total summary GSTR-3B returns filed for the month as on Dec. 31 rose to 72.44 lakh from 69.6 lakh in October, the statement said. The figure breached the 70-lakh mark for the first time. The last date for filing returns of November was Dec. 20.
- For July-September 2017, numbers released on Oct. 31, 2017; November 2017 till February 2018: Numbers released on 24/25/26th of the following month ; March 2018 till July 2018: Numbers released on the last day of the following month
Tax collected under various heads includes:
- Central GST: Rs 16,442 crore.
- State GST: Rs 22,459 crore.
- Integrated GST: of Rs 47,936 crore.
- Compensation cess: Rs 7,888 crore.
The central government received Rs 18,409 crore as its share from IGST, while state got Rs 14,793 crore. After the settlement of funds, total CGST collected was Rs 43,851 crore and total SGST was Rs 46,262 crore.
Apart from this, Rs 18,000 crore was equally divided between the central and state governments.