GST revenue collection for November drops to Rs 80,808 crore
This is lower than the revenue of Rs 83,000 crore collected for October.
The total collection of Goods and Services Tax fell for the second straight month in November, and were at Rs 80,808 crore till December 25, the Ministry of Finance said on Tuesday. Revenue of Rs 83,000 crore was collected for October under the new indirect tax structure.
The total Central GST collection in November was Rs 13,089 crore, while Rs 18,650 crore was collected as State GST revenue. Rs 41,270 crore was received as Integrated GST, the government said. Under the GST compensation cess, Rs 7,798 crore was collected.
Goods and Services Tax collections were over Rs 95,000 crore in July, over Rs 91,000 crore in August and Rs 92,150 crore in September.
November was the fifth month since the rollout of the new indirect tax regime, which came into effect on July 1. It is India’s biggest ever tax reform, which subsumes a range of central and state taxes.
The total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017.
— Ministry of Finance (@FinMinIndia) December 26, 2017
Of the Rs. 80,808 crores collected under GST for the month of December, 2017, Rs. 13,089 crores have been collected as CGST, Rs. 18,650 crores has been collected as SGST, Rs. 41,270 crores has been collected as IGST and Rs. 7,798 crores has been collected as Compensation cess.
— Ministry of Finance (@FinMinIndia) December 26, 2017
Further Rs10,348 crores is being transferred 4m IGST to CGSTaccount & Rs14,488 crores is being transferred from IGST to SGSTaccount by way of settlement of funds due to cross utilization of IGST credit for payment of CGST and SGST resp or due to interState B2C transactions.
— Ministry of Finance (@FinMinIndia) December 26, 2017
Thus, a total amount of Rs24,836 crores is being transferred from IGST to CGST/SGST account by way of settlement. Total collection of CGST & SGST for December, 2017 (upto 25th December) is Rs23,437 crores & Rs. 33,138 crores resp, including transfers by way of settlement.
— Ministry of Finance (@FinMinIndia) December 26, 2017
