Economy

GST collections slip to Rs 80808 crore

GST collections slip to Rs 80808 crore”

Besides, Rs13,089 crore have been collected as central GST, Rs18,650 crore as state GST, Rs41,270 crore as integrated goods and services tax (IGST).

Experts say the GST collections will decline also in December and stabilise from January.

The government had then said that since implementation of some of the main features of GST such as matching of returns, e-way bill and reverse charge mechanism had been postponed, tax compliance may not be up to the mark. Thus, a total amount of Rs 24,836 crore is being transferred from IGST to CGST/SGST account by way of settlement.

According to the Ministry of Finance, a total of Rs 80,808 crores are collected in total for the month of November in which Rs 13,089 crores are collected from CGST while Rs 18,650 crores are collected from SGST. First, the reduction of rate and second, utilisation of credits.

Of the ₹80,808 crore collected under GST for the month of December (up to 25th December), ₹13,089 crore was collected as CGST, ₹18,650 crore was collected as SGST, ₹41,270 crore as IGST and ₹7,798 croreas Compensation cess, the release added.

While the downward trend in GST collection started from October, the November figure may have been impacted the GST Council decision to slash tax slabs of 178 items from 28 per cent to 18 per cent, while also reducing tax on several items in other slabs from mid-November ahead of the Gujarat elections.

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"Even for December, there could be an impact of opening credit claim for which the last date is December 27".

The revenue slowdown has prompted the Union Finance Secretary Hasmukh Adhia to ask officers to review the revenue collections in the first five months compared to the corresponding period a year ago.

"The reduction was expected and the government had done these calculations".

"It should be noted that refunds to a very substantial extent have not been processed. It is hoped that the refund process is not slowed down due to decrease in collection". Therefore the total collection for CGST is Rs 23,437 whereas the collection for SGST is Rs 33,138 crores. The revenue collected under GST during October for September was Rs 95,131 crore, while the corresponding figure for August was of Rs 93,141 crore.

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