Home / Industry / Banking /  GST collection drops to 97,637 crore in November

New Delhi: Goods and Services (GST) collection in November dropped to 97,637 crore, lower than 1 lakh crore collected previous month.

The total number of GSTR 3B returns filed for October up to November 30, 2018, is 69.6 lakh, the finance ministry said in a statement. Compensation released to states for the August-September period stood at 11,922 crore.

Also read: The fallout of deteriorating macros on required GST revenue run rate

Of the 97,637 crore collected, central GST (CGST) collection is 16,812 crore, state GST (SGST) is 23,070 crore, integrated GST (IGST) is 49,726 crore (including 24,133 crore collected on imports) and cess is 8,031 crore (including 842 crore collected on imports).

The total revenue earned by the central government and state governments after regular settlement in November 2018 is 35,073 crore for CGST and 38,774 crore for SGST, according to the finance ministry.

GST collection stood at 1.03 lakh crore in April, 94,016 crore in May, 95,610 crore in June, 96,483 crore in July, 93,960 crore in August, 94,442 crore in September and 1,00,710 crore in October.

Commenting of the number, EY tax partner Abhishek Jain said: “While GST collections have fallen vis-a-vis the earlier month, it is higher than the average monthly collection in the year. This steady increase in average collection raises hopes of a regular monthly collection of 1 lakh crore."

Also read: Govt may miss GST collection targets for this fiscal, hints Jaitley

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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