GST collections for the month of February : Here is the figures

GST collections for the month of February: Here is the figures

GST collections slid for the second straight month to Rs 85,174 crore in February as only 69 per cent of the assessees filed returns.

Around 59.51 lakh GSTR 3B returns were filed for February.

This is 69 per cent of the total taxpayers who are required to file the monthly returns, the finance ministry said in a statement.

“The total revenue received under GST for the month of February 2018 (received up to March 26) has been Rs 85,174 crore,” it said.

The collection in January was Rs 86,318 crore, while in December and November it was Rs 88,929 crore and Rs 83,716 crore.

Till March 25, 1.05 crore taxpayers had been registered under GST.

Of these, 18.17 lakh are composition dealers who are required to file returns every quarter and the rest, 86.37 lakh, are required to file returns every month.

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Of the Rs 85,174 crore GST collected for February, Rs 14,945 crore has been garnered as Central GST and Rs 20,456 crore as State GST.

Besides, Rs 42,456 crore has been collected as Integrated GST and Rs 7,317 crore as compensation cess.

A total amount of Rs 25,564 crore is being transferred from IGST to CGST/SGST account by way of settlement.

“Thus, the total collection of CGST and SGST up to 26th March (for February) is Rs 27,085 crore and Rs 33,880 crore respectively, including transfers by way of settlement,” the statement added.

According to a finance ministry reply to the Lok Sabha, GST collections were Rs 93,590 crore in July, Rs 93,029 crore in August, Rs 95,132 crore in September and Rs 85,931 crore in October.

EY Partner Abhishek Jain said the next big hope for the government would be the introduction of e-way bills with effect from April 1, which may provide a boost to GST collections.

After the e-way bill roll out, transporters of goods worth over Rs 50,000 will have to generate an e-way bill. The e-way bill, which would be required to be presented to a GST inspector if asked for, is being touted as an anti-evasion measure and would help boost tax collections by clamping down on trade that currently happens on cash basis.

Deloitte India Partner M S Mani said the declining mop up would lead to several anti-evasion measures over and above the imminent e-way bill launch.

“We should now expect the relaunch of reverse charge on transactions with unregistered dealers, invoice matching, more return scrutiny etc,” Mani added.

Meanwhile, the ministry tweeted that its followers on twitter has crossed one million mark.