GST collection in January dips marginally to Rs86,318 crore
New Delhi: The finance ministry on Tuesday said GST collection in January slipped marginally to Rs86,318 crore in January, from Rs86,703 crore in December.
“The total revenue received under GST for the month of January 2018 (received in January/February up to 25 February 2018) has been Rs86,318 crore,” the finance ministry said in a statement.
GST collections had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
The ministry said that 1.03 crore taxpayers have been registered under GST till 25 February, of which 17.65 lakh are composition dealers who are required to file returns every quarter.
Of the total, 1.23 lakh composition dealers have opted out of scheme and have thus become regular taxpayers, it said, adding that “till 25 February there are 16.42 lakh composition dealers which are required to file returns every quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns.”
The ministry further said that as many as 57.78 lakh GSTR 3B returns have been filed for the month of January till 25 February 2018. This is 69% of total taxpayers who are required to file monthly returns, it added.
Of the Rs86,318 crore collected during the month, Rs14,233 crore have been collected as CGST, Rs19,961 crore as SGST, Rs43,794 crore as IGST and Rs8,331 as Compensation cess. The ministry further said that Rs11,327 crore is being transferred from IGST to CGST account, and Rs13,479 crore 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 B2C transactions.
A total amount of Rs24,806 crore is being transferred from IGST to CGST/SGST account by way of settlement. it added.
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