November, The Lowest Collection Month For GST

By Olga
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    As per a statement released by the Ministry of Finance as on 25th December, the government collected a total of Rs. 80,808 crore for November. The results have been the lowest ever since GST was introduced.

    November, The Lowest Collection Month For GST

    The collection is said to have declined due to the reduction in tax rates on more than 200 items. The Rs. 80,808 crores include Rs. 13,089 crores in CGST, Rs. 18,650 crores in SGST, Rs. 41,270 crores in Integrated Goods and Services Tax (IGST) and Rs. 7,798 crores in Compensation Cess.As per a statement released by the Ministry of Finance as on 25th December, the government collected a total of Rs. 80,808 crore for November. The results have been the lowest ever since GST was introduced.
    The collection is said to have declined due to the reduction in tax rates on more than 200 items. The Rs. 80,808 crores include Rs. 13,089 crores in CGST, Rs. 18,650 crores in SGST, Rs. 41,270 crores in Integrated Goods and Services Tax (IGST) and Rs. 7,798 crores in Compensation Cess.

    The collections for the various months beginning July 2017 were:

    Month Collection in Rs. Crores
    July 92283
    August 90669
    September 92150
    October 83346
    November 80808

    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, reported PTI.

    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.

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

    Read more about: gst india
    Story first published: Wednesday, December 27, 2017, 12:38 [IST]
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