GST Collections Decline to Rs 80,808 Crore In November
Of the Rs 80,808 crore collected, Rs 7,798 crore has been garnered as compensation cess in November – the fifth month of GST roll out.
Image for representation. (Network18 Creatives)
New Delhi: GST collections slipped for the second straight month to Rs 80,808 crore in November, down from over Rs 83,000 crore in the previous month.
The total collection of GST till December 25 stood at Rs 80,808 crore for November and 53.06 lakh returns have been filed for the month, a finance ministry statement said. Of the Rs 80,808 crore collected, Rs 7,798 crore has been garnered as compensation cess in November – the fifth month of GST roll out.
Besides, Rs 13,089 crore has been collected as Central GST, Rs 18,650 crore as State GST, Rs 41,270 crore as Integrated Goods and Services Tax. Further, Rs 10,348 crore is being transferred from IGST to CGST account and Rs 14,488 crore is being transferred from IGST to SGST account by way of settlement of funds on account of cross utilisation of IGST credit for payment of CGST and SGST, respectively or due to inter-state business to consumer transactions.
Thus, a total amount of Rs 24,836 crore is being transferred from IGST to CGST/SGST account by way of settlement, the statement added. Thus, the total collection of CGST and SGST for the month of December 2017 (up to December 25) is Rs 23,437 crore and Rs 33,138 crore, respectively.
As per the data available, GST collections in July was over Rs 95,000 crore, while in August the figure was over Rs 91,000 crore. In September, it was over Rs 92,150 crore and in October it was over Rs 83,000 crore.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.
|LIC Housing Fin||414.00||-10.66|
Recommended For You
- Jio Effect: Airtel V-Fiber Offers up to 1000GB Free Data & Plans Start at Rs 799
- Jio Effect: Tata Sky Broadband Offers 6 Months Additional Usage on Annual Plans
- Spotify Premium Now Available With 3 Months of Free Access for New Users
- Hardik Pandya Turns Showstopper at Lakme Fashion Week
- World Badminton Championships: B Sai Praneeth Enter Quarters, HS Prannoy Loses