GST Collection For January At Rs 97,247 Crore
The government's goods and services tax collections for January dropped to Rs 97,247 crore from Rs 1.02 lakh crore in December.
The GST collected in January, however, jumped 13.1 percent year-on-year from Rs 85,962 crore collected in January 2018.
The total number of GSTR-3B returns filed for the month of January by Feb. 28 marginally increased to 73.4 lakh compared to 73.3 lakh returns filed for December.
The break-up of tax collected under the various heads were:
- Central GST - Rs 17,626 crore
- State GST - Rs 24,192 crore
- Integrated GST - Rs 46,953 crore
- Compensation Cess - Rs 8,476 crore
Integrated GST is settled between the states and the centre, based on the consumption in the respective state. Post settlement, CGST was Rs 37,095 crore and Rs 39,939 crore was the total SGST.
One possible reason for the drop in GST revenue could be the tax cuts which came into effect in January, Abhiskek Jain, indirect tax partner at EY India said. GST Council, in December, had cut rates of about 23 items like 32-inch television sets, power banks and lithium-ion batteries among others. The revenue impact of the rate reduction was projected to be Rs 5,500 crore for the full financial year.
Jain, however, said that the GST collections are in line with average tax collected in the current financial year.
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