GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
GST collections slid for the second straight month to Rs 85,174 crore in February as only 69 per cent of the assessees filed returns.
Around 59.51 lakh GSTR 3B returns were filed for the month of February till March 25. This is 69 per cent of total taxpayers who are required to file monthly returns, the finance ministry said in a statement.
“The total revenue received under GST for the month of February 2018 (received up to March 26) has been Rs 85,174 crore,” it said.
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The collection in January was Rs 86,318 crore, while in December and November was Rs 88,929 crore and Rs 83,716 crore respectively.
Of the Rs 85,174 crore collected as GST for the month of February, Rs 14,945 crore have been garnered as Central GST and Rs 20,456 crore as State GST. Beside, Rs 42,456 crore has been collected as Integrated GST and Rs 7,317 crore as compensation cess.
A total amount of Rs 25,564 crore is being transferred from IGST to CGST/SGST account by way of settlement.
“Thus, the total collection of CGST and SGST up to 26th March (for February) is Rs 27,085 crores and Rs 33,880 crore respectively, including transfers by way of settlement,” the statement added.
Till March 25, 1.05 crore taxpayers have been registered under GST. Of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns.
According to a finance ministry reply to the Lok Sabha, GST collections were Rs 93,590 crore in July, Rs 93,029 crore in August, Rs 95,132 crore in September and Rs 85,931 crore in October.
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