Decline in GST collections: Rs 27,085 Cr collected in Feb month, 1.05 Cr fresh returns filed

NewsBharati    28-Mar-2018
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New Delhi, March 28: The Goods and Services Tax (GST) collections have witnessed a decline by Rs 85,174 crore in February with only 69% having filed returns. Reportedly, 1.05 crore taxpayers had registered under the GST until March 25.

A statement by the Finance Ministry read, "The total collection of CGST and SGST up to 26th March (for February) is Rs 27,085 crores and Rs 33,880 crore respectively, including transfers by way of settlement."

“18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns.”

59.51 lakh GSTR 3B returns have been filed for the month of February, 2018 till 25th March, 2018. This is 69 percent of total taxpayers which are required to file monthly returns.

Revenue of States: Of the Rs. 85,174 crores collected under GST for the month of March, 2018 (upto 26thMarch), Rs. 14,945 crores have been collected as CGST, Rs. 20,456 crores has been collected as SGST, Rs. 42,456 crores has been collected as IGST and Rs. 7,317 crores has been collected as Compensation cess.

Further, Rs. 12,140 crores is being transferred from IGST to CGST account and Rs. 13,424 crores is being transferred from IGST to SGST account by way of settlement of funds on account of cross utilization of IGST credit for payment of CGST and SGST respectively or due to inter State B2C transactions.

Thus, a total amount of Rs. 25,564 crores is being transferred from IGST to CGST/SGST account by way of settlement. Thus, the total collection of CGST and SGST for the month of March, 2018 (upto 26th March) is Rs. 27,085 crores and Rs. 33,880 crores respectively, including transfers by way of settlement.