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GST - 67 lakh returns filed but total revenue down to Rs 94000 crores

 

By TIOL News Service

NEW DELHI, SEPT 01, 2018: THE total gross GST revenue collected in the month of August, 2018 is Rs 93,960 crores of which CGST is Rs 15,303 crores, SGST is Rs 21,154 crores, IGST is Rs 49,876 crores (including Rs 26,512 crores collected on imports) and Cess is Rs 7,628 crores (including Rs 849 crores collected on imports). The total number of GSTR 3B Returns filed for the month of July up to August 31, 2018 is 67 lakhs. This is slightly higher than 66 lakh returns of the month of June filed up to July 31, 2018. The last date of filing return of July 2018 in the State of Kerala was extended upto October 05, 2018.

The total revenue earned by Central Government and the State Governments after settlement including provisional settlement of Rs 12,000 crore in the month of August 2018 is Rs 36,963 crore for CGST and Rs 41,136 crore for the SGST. For the bi-monthly period June-July, 2018, compensation of Rs 14,930 crore has been released to the States. The revenues collected in August, 2018 of Rs. 93,960 crore is slightly lower than July, 2018 collection of Rs 96,483 crore, and June, 2018 collection of Rs 95,610 crore. The chart shows trends in revenue during the current year.

One of the main factors for the dip in tax revenues is probable postponement of sale of items for which tax rate was reduced by the Council as the decision to reduce the tax rate was taken in meeting held on 21 st July while the notification of the reduced rate came into effect only from July 27, 2018. Since it would have taken some time for the market to pass on the benefit of reduced taxes, consumers would have postponed their decision to buy expecting the benefit. The actual impact of reduction of rate of taxes would be observed only from next month onwards as the rate reduction would have got affected only in last few days of the month.

Even past trend of indirect tax collection shows that while July collections are 8.2% of the total annual collections, August collections are at a lower level of 7.7% of the total annual collections. This is another reason for lower collections during the month of August as compared to that in July.


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