GST Revenue For The October Month Lowest Since Its Implementation

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For the October month, the exchequer accounted for the GST collection for the October month which was the lowest at Rs. 83.34K crore. This was a huge Rs. 10k crore shortfall in comparison to the average collection in the last three months.

 GST Revenue For The October Month Lowest Since Its Implementation

A number of reasons have been cited for the fall including IGST credit being used instead of the cash for payment dues, less compliance due to deferment of e-way bill and return matching, lower tax rate after the GST rate cut.

A tax official further said, "The tax administration of GST is now based on self-declared tax return, in which the assessee decides on his own how much tax liability he has and claims input tax credit as per his own calculations".

However, the shortfall is likely to offset by some amount to the tune of Rs. 3000-Rs. 4000 cr in the days to come as more individual file the return and pay their dues.

The amount used from the IGST account is transferred to the SGST account in case the former is being used for the SGST payment. And the same happens in case of CGST.

For the October month, the last day to file the GSTR-3B was November 20.

Goodreturns.in

Read more about: gst, composition scheme, igst, cgst, sgst
Story first published: Tuesday, November 28, 2017, 9:22 [IST]
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