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GST Collections rise to Rs 86000 Crore in Jan, 2018

Published: Feb 27, 2018

By TIOL News Service

NEW DELHI, FEB 27, 2018: THE GST Collections for the month of January, 2018 has improved a bit to Rs 86318 Crore. As per the latest data, over one crore taxpayers are registered till Feb 25, 2018. So far 17.65 lakh dealers got registered as Composition ​D​ealers. Out of these, 1.23 lakh Composition Dealers have opted out of the Composition Scheme and have thus become regular taxpayers. Thus, till 25th February, 2018, there are 16.42 lakh Composition Dealers which are required to file returns every Quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns.

57.78 lakh GSTR 3B returns have been filed for the month of January, 2018 till 25th February, 2018. This is 69 percent of total taxpayers which are required to file monthly returns.

Of the Rs. 86,318 crores collected under GST for the month of February, 2018 (up to 25th February), Rs. 14,233 crores have been collected as CGST, Rs.19,961 crores has been collected as SGST, Rs. 43,794 crore has been collected as IGST and Rs. 8,331 crores has been collected as Compensation Cess. Further, Rs. 11,327 crores is being transferred from IGST to CGST account and Rs. 13,479 crores is being transferred from IGST to SGST account by way of Settlement of Funds on account of cross utilization of IGST credit for payment of CGST and SGST respectively or due to inter State B2C transactions. Thus, a total amount of Rs. 24,806 crores is being transferred from IGST to CGST/SGST account by way of settlement. Thus, the total collection of CGST and SGST for the month of February, 2018 (up to 25th February) is Rs. 25,560 crores and Rs. 33,440 crores respectively, including transfers by way of settlement.