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GST collections slides down to Rs 85,174cr in Feb 2018

3/28/2018

Agencies, New Delhi The total revenue received under GST for the month of February 2018 (received in February/March upto 26th March) has been Rs. 85,174 crores which is less than the the amount of January 2018. The collection in January was Rs 86,318 crore, while in December and November was Rs 88,929 crore and Rs 83,716 crore respectively. The last date for filing of GSTR 3B return for the month of February 2018 was 20th March 2018. According to Finance Ministry data, 1.05 crore taxpayers have been registered under GST so far till 25th March, 2018. Out of these, 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. GST collections fell for the second straight month in February to Rs 85,174 crore as only 69 per cent of the taxpayers filed returns. The lower-than-expected Goods and Service Tax revenue comes at a time when the government is finding it difficult to meet GST collection targets due to higher-than-expected input credit and refund claims. Finance Ministry said, “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.

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