GST collections for November hit a new low of Rs80,808 cr
27 December 2017
The amount of revenue collected under the goods and services tax (GST) for November stood at Rs80,808 crore as of 25 December 2017, hitting the lowest point till date, amidst an across-the-board a lowering of GST rates.
The total collection under goods and services tax (GST) for November 2017 stood at Rs80,808 crore as of 25 December 2017 with 5.31 million taxpayers filing returns for the month of November.
The total number of registered taxpayers stood at 9.90 million, of which 1.66 million are composition dealers who are required to file returns every quarter.
The Rs80,808 crore collected under GST for November 2017 (up to 25 December) included Rs13,089 crore collected as CGST, Rs18,650 crore collected as SGST, Rs 41,270 crore collected as IGST and Rs7,798 crore collected as compensation cess.
Further, Rs10,348 crore is being transferred from IGST to CGST account and Rs14,488 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 interstate B2C transactions.
Accordingly, a total amount of Rs24,836 crore is being transferred from IGST to CGST/SGST account by way of settlement. Therefore, the total collection of CGST and SGST for December 2017 (up to 25 December) is Rs23,437 crore and Rs33,138 crore, respectively, including transfers by way of settlement.