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GST collections slip marginally in January to Rs 86,318 crore
Of the Rs 86,318 crore in tax mop-up, Rs 14,233 crore have been collected as central GST (CGST), Rs 19,961 crore as state GST (SGST)
Updated : Feb 28, 2018, 05:40 AM IST
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The Goods and Services Tax (GST) collections for the month of January slipped marginally to Rs 86,318 crore from Rs 86,703 crore in the previous month. The Finance Ministry data released on Tuesday showed. A little over 1 crore taxpayers have been registered under the GST so far. As many as "17.65 lakh dealers have got registered as composition dealers until now. Of these, 1.23 lakh have opted out of the composition scheme and have become regular taxpayers," the Finance Ministry said in a statement.
There are 16.42 lakh composition dealers who are required to file returns every quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns.
"GST revenue collections for January are slightly less than December collections," says Vishal Raheja, DGM GST, Taxmann. "But it is pertinent to note that only 69% taxpayers have filed GSTR-3B for the month of January. However, a closer look at the numbers shows that northeastern states are far behind in compliance. The government should put sufficient efforts to encourage taxpayers in those states to file returns," Raheja said.
Abhishek Jain, tax partner at EY, feels that the tax collections are likely to improve, going forward. "The GST collections for January are almost the same as that for December. The average collections seem to have settled around 86,000 crore. However, with e-way bill requirement coming into force from April 1, the revenue collections may get a boost. Also, about 30% taxpayers registered with GST are still not filing their returns, and the government must endeavour to make them file the returns, which may further enhance the overall GST revenue collections," Jain said.
Of the Rs 86,318 crore in tax mop-up, Rs 14,233 crore have been collected as central GST (CGST), Rs 19,961 crore as state GST (SGST), while Rs 43,794 crore has been collected as Integrated GST (IGST). Similarly, Rs 8,331 crore has been collected as compensation cess by the government.
The monthly revenue numbers indicate tax collections till February 25.
THE MOP-UP
- Of the Rs 86,318 crore in tax mop-up, Rs 14,233 crore have been collected as central GST (CGST), Rs 19,961 crore as state GST (SGST)
- About Rs 43,794 crore has been collected as Integrated GST (IGST). Similarly, Rs 8,331 crore has been collected as compensation cess by the government.
