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28
November 2017
 |
GST(The Total Investment & Insurance Solutions)
The
total revenue collected under GST fell by around 10 per cent to Rs 83,346 crore
for the month of October from over Rs 92,000 crore in September, official data
showed on Monday. The Total Investment & Insurance
Solutions
India's
Goods and Services Tax (GST) collections for the month of October totalled Rs
83,346 crore till November 27, a Finance Ministry release here said.
The GST
collection for the month of July was over Rs 95,000 crore, while for August, it
was more than Rs 91,000 crore. September's indirect tax collection stood at
over Rs 92,150 crore. The Total Investment & Insurance
Solutions
Commenting
on the downward trend of tax revenue under GST, the government said it could be
attributed to several factors including the fact that overall incidence of
taxes on most goods had come down under the new tax reform.
"Since
the overall incidence of taxes on most of the commodities has come down under
GST, it would naturally have some implication on the revenues of the
government. The Total Investment & Insurance
Solutions
"Since
implementation of some of the main features of GST such as matching of returns,
e-way bill as well as reverse charge mechanism have been postponed, the tax
compliance may not be up to the mark," the statement from the Finance
Ministry said. The Total Investment & Insurance
Solutions
Besides,
because of the initial requirement of paying Integrated GST (IGST) on transfer
of goods from one state to another state, there was an additional cash flow of
IGST in the first 3 months.
"As
and when the final transaction of these goods takes place, the credit for IGST
is being utilized for payment of SGST and CGST and therefore, the inflow of new
taxes is low," it said. The Total Investment & Insurance
Solutions
A
senior Finance Ministry official said that while tax compliance may not be up
to the mark, the numbers would improve as various features of GST, earlier
postponed, are implemented. The Total Investment & Insurance
Solutions
The
Ministry said that despite the shortfall, the states' revenues are fully
protected taking base year revenue as 2015-16 and providing a projected revenue
growth rate of 14 per cent. The Total Investment & Insurance
Solutions
"The
Central government has released a compensation of Rs 10,806 crore to the states
for July and August, while a compensation of Rs 13,695 crore for September and
October is being released," it said.
According
to the data shared by the Ministry, a total of "50.1 lakh returns have
been filed for the month of October till November 26, 2017".
Over
95.9 lakh tax payers have been registered under the GST so far, out of which
15.1 lakh are "composition dealers" who are required to file returns
every quarter, it added.The Total
Investment & Insurance Solutions
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