Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

GST collections take a hit

Author: IANS/Wednesday, February 28, 2018/Categories: TRACKING THE GST

GST collections take a hit

New Delhi - Revenue collections under the Goods and Services Tax (GST) fell marginally in January by Rs 385 crore to Rs 86,318 crore.

The collections had picked up in December to touch Rs 86,703 crore, after falling for two straight months.

"The total revenue received under the GST for January 2017 (received up to February 25) has been Rs 86,318 crore," said the Finance Ministry.

Of this, Rs 14,233 crore has been collected as Central GST, Rs 19,961 crore as State GST, Rs 43,794 crore as Integrated GST and Rs 8,331 crore as compensation cess, it added.

Deloitte India's Senior Director M.S. Mani said the lower-than-expected GST collections would push the government to hasten the introduction of anti-evasion measures such as invoice matching, reverse charge on transactions with unregistered dealers and transition credit scrutiny in addition to the e-way bill, expected to roll out from April 1. 

"While the GST revenues and number of return filers are gradually increasing or are same as compared with last month's figure, the tax base and revenue numbers have certainly not reached expected levels. This could lead to more enquiries and scrutiny from the tax authorities," Mani said. 

According to the Ministry, around 1.03 crore taxpayers have been registered under GST so far and around 57.78 lakh returns were filed. 

"This is 69% of total taxpayers who are required to file monthly returns," the Ministry said.

Of the total amount collected as GST, Rs 11,327 crore would be transferred from IGST to CGST account and Rs 13,479 crores 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".

"Thus, the total collection of CGST and SGST is Rs 25,560 crore and Rs 33,440 crore respectively, including transfers by way of settlement," said the Ministry.

Before picking up in December, the revenue collection fell for two consecutive months from over Rs 92,000 crore in September to Rs 83,346 crore in October and Rs 80,808 crore in November. 

The GST collection for July was over Rs 95,000 crore while for August it was more than Rs 91,000 crore.

Print Rate this article:
No rating

Number of views (83)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free