GST collection drops to ₹97,637 crore in November1 min read . Updated: 01 Dec 2018, 05:16 PM IST
GST collection stood at ₹1,00,710 crore in October
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.
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."
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.