GST revenue for August slows to Rs 90,669 crore

India Infoline News Service | Mumbai | September 27, 2017 09:55 IST

The Goods and Service Tax revenue collection for the month of August 2017, came in much lower as compared to July figures.

The Goods and Service Tax revenue collection for the month of August 2017, came in much lower as compared to July figures. The unified tax structure was introduced on July 1, 2017, replacing multiple cascading taxes levied by the central and state governments. 

The total revenue of GST paid for the month of July 2017 (upto 29th August) was Rs 92,283 crore. Out of the total GST collection of Rs 92,283 crore, the total CGST revenue was Rs 14,894 crore, SGST revenue was Rs 22,722 crore, IGST revenue was Rs 47,469 crore (of which IGST from imports was Rs 20,964 crore) and compensation cess was Rs 7,198 crore (of which Rs.599 crore is compensation cess from imports) totalling GST paid for July is Rs 94,063 crore.

For the month of August, the total revenue of GST paid (upto 25th September, 2017) is Rs. 90,669 crore. The total CGST revenue is Rs 14,402 crore, SGST revenue is Rs 21,067 crore, IGST revenue is Rs 47,377 crore (of which IGST from imports in August 2017 is Rs. 23,180 crore) and compensation cess is Rs 7,823 crore (of which Rs. 547 crore is compensation cess from imports in August 2017).

Meanwhile, the last date for payment of GST as well as the filing of GSTR 3B return for the month of August 2017 was September 20, 2017. The total number of taxpayers who were required to file monthly returns for August 2017 is 68.20 lakhs, of which, as on September 25, 2017, 37.63 lakh GSTR 3B returns have been filed.

However, a finance ministry statement on Tuesday said GST receipts do not include taxes from over a million small assessees who have opted for a liberal quarterly tax payment system. The statement cautioned that it was too early to guess on overall GST collections as many taxpayers have still not paid GST.

Besides, there is inconsistency in collections because of transitional credit and exporters not being able to claim a refund of GST. Going forward, the government expects that things would settle down in the next few months.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.



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