The Centre today said that the total revenue collection under GST for the month of January, till February 25, stood at Rs 86,318 crore. Rs 86,703 crore was collected in December 2017.
“1.03 crore taxpayers have been registered under GST so far till 25th Feb, 2018. So far,17.65 lakh dealers got registered as Composition Dealers,” according to Ministry of Finace.
According to the Finance Ministry, out of 17.65 lakh dealers, 1.23 lakh Composition Dealers have opted-out of Composition Scheme and have thus become regular taxpayers. “Till 25th Feb,2018 there are 16.42 lakh Composition Dealers which are reqd to file returns every Quarter & 87.03 lakh taxpayers to file monthly returns”.
So far 57.78 lakh GSTR 3B returns have been filed for the month of January, 2018 till 25th February. This is 69 percent of total taxpayers which are required to file monthly returns, the ministry added.
“It was expected that Febuary 18 numbers (for month of January) would be better than this as GST was settling in and impact of opening credit was assumed to have been largely factored in previous months. With roll out of E-way bills getting deferred to April 18 and a contuining shortfall in number of monthly returns getting submitted, we may see administrative tightening and more rigourous anti evasion measures in next few months,” said Pratik Jain, Partner & Leader, Indirect Tax – PwC India .
Of the Rs. 86,318 crores collected under GST for January, Rs.14,233 crores have been collected as CGST, Rs.19,961 crores has been collected as SGST, Rs.43,794 crores collected as IGST & Rs. 8,331 crores collected as Compensation Cess.
“The GST collections for January are almost the same as that for December i.e. around 86,000 crores. The average GST revenue collections seem to have settled around Rs 86,000 crore. About 30% taxpayers registered with GST are still not filing their returns and the Centre must endeavour to make them file the returns, which may further enhance the overall GST revenue collections,” said Abhishek Jain, Tax Partner, EY India.
Collections under the GST, implemented from July 1 last year, were over Rs 95,000 crore for the first month, while in August the figure just over Rs 91,000 crore. In September, it was over Rs 92,150 crore, October (Rs 83,000 crore), November (Rs 80,808 crore) and December (Rs 86,703 crore).
Source : Economic Times