Cut in GST rates pulls down the tax collections to Rs 80,808 Cr in November

NewsBharati    27-Dec-2017
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New Delhi, December 27: The total revenue collected under the Goods and Services Tax (GST) kept falling for the second straight month in November. Over 99 lakh taxpayers have been registered under GST and over 53 lakh returns filed till 25th of December.

As per data by the Finance Ministry, revenue collection was over 80 thousand crore rupees in November as compared to more than 83 thousand crore in October. Of the Rs 80,808 crore collected, Rs 7,798 crore has been garnered as compensation cess in November– the fifth month of GST roll out. 

Besides, Rs 13,089 crore have been collected as Central GST, Rs 18,650 crore as State GST, Rs 41,270 crore as Integrated Goods and Services Tax.

Further, Rs 10,348 crore is being transferred from IGST to CGST account and Rs 14,488 crore is being transferred 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 business to consumer transactions.

Thus, a total amount of Rs 24,836 crore is being transferred from IGST to CGST/SGST account by way of settlement, the statement added.

Thus, the total collection of CGST and SGST for the month of December, 2017 (up to December 25) is Rs 23,437 crore and Rs 33,138 crore, respectively.

The GST collection for July was over 95 thousand crore rupees, while for August, it was more than 91 thousand crore rupees. September's indirect tax collection stood at over 92 thousand crore rupees.

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