GST should be considered as the start of a process, not the end (See 'JEST GST ') GST – GSTR-3B returns for period from October 2017 allowed to be filed with late fees first and once paid and proof submitted, amount will be auto-credited/refunded within one week by GSTN: HC CX/GST–Costs imposed on Revenue to impress upon Authorities that proceedings before High Court should not be delayed; upon enactment of CGST Act, issue is purely academic and rendered infructuous - order recalled; amount returned: HC GST Council takes note of gaps in IGST payment & ITC GST exemption for exporters extended by six months Inter-State E-way bill to be in force from April 1 GST Council decides to extend GSTR-1 & GSTR-3B filing for 3 more months as imbroglio over new Design of GSR continues to be knotty for GoM GSTR 5A - Reduction in late fee - Govt rescinds Notification 6/2018 GST - Govt amends rules relating to TRAN 2 and e-Way Bill including new forms Arrest under GST (See Jest GST by Vijay Kumar) Summons in GST - 2 GST - Sushil Modi Panel says e-Way Bill to be introduced from April 1, 2018 GST - refund to exporters - GSTN confirms application for Rs 13000 Crore; verifies and forwards Rs 5000 Cr to CBEC for disbursal Directions u/s 168 of CGST Act - Taxpayers to give undertaking that they will not utilise ‘disputed credit’ or ‘blocked credit’ in cases where amount exceeds ten lakhs - Board warns of stern action GST - GoM on IT to review progress made by GSTN so far on Saturday GST Council to meet on March 10 through video conferencing; likely to approve new GSTR design and many amendment in GST laws GST - Govt doubts Jan tax collection figures reported by certain quarters in media; to release authentic figures soon Summons in GST GST - Many States want GST Council to discuss inclusion of real estate at next meeting The exempted elephant Board clarifies GST issues - Elephant/ camel joy rides cannot be classified as transportation services; Consumer Disputes Redressal Commissions are clothed with the characteristics of a tribunal - fee paid by litigants not leviable to GST GST - Celebrations of new tax regime mean nothing - regime is not tax friendly - wake up and put in place the requisite mechanism: High Court GSTR data - An Analyst's delight! GSTN survives Service Tax scare as Union Budget rescues it GST - Allahabad HC directs GST Council to allow taxpayer to revise TRAN-1 Expo showcasing high-end technology to 'elevate' 'elevators' business GST Council also approves several amendments in CGST Rules GST Council grants mega relief to healthcare services & clarifies rates for many Services GST Council shifts focus on anti-evasion measures; Tax rates reduced on 29 goods & 53 Services

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.